Poonawalla fincorps

vat on methanol transferred as stock to sister units

This query is : Resolved 

05 October 2009 If a cocern transfer methanol as stock transfer to its sister concern with in state which is captively consumed by sister unit for manufacturing of Urea which is exempted from VAT. May please clarify whether VAT is chargeable on Methanol transfer

05 October 2009 SAME ENTITY CAN'T SALE TO ITSELF.
YOU ARE REQUIRED TO REVERSAL VAT CREDIT, IF FINAL OUTPUT IS NOT TAXABLE.



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