Stk Transfer

This query is : Resolved

Smrity (Querist)
Follow

10 August 2010 Hello,

Our proprietor has two seperate business Eg. A & B. both are under MVAT

He has transferred goods from B to A, but in the sale invoice only qty is mentioned and not amount

How it will effect Vat, In Vat form 231 there is a provision for showing Stock transfer.

Pls. advice

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
Follow

10 August 2010 Stock transfer is allowed under VAT.

In this case VAT input will be allowed to the business which actually paid the VAT input amount. Where as the business which received the stock transfer will not be allowed any input tax credit of VAT.