Input vat credit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 August 2014
if I am selling an item at less than its purchase price. Now what will be the entry to reduce the input vat credit taken on the purchase of that Item.???
09 August 2014
you have reverse the difference of VAT amount.
10 August 2014
You dont need to reduce your set off, for example if your product is now out of market, and you want to sell it off less than your purchase cost, you can very well do the same, no need to reduce your set off as per sec 48(5) of Mvat Act, 2002 you can c/f your set off to next return or claim the refund of your set off
12 August 2014
you can sell the goods at present market rate then no required to reverse the vat credit.
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