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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
