Closing stock march, 2005

This query is : Resolved

Shivshankar Kankayya Jadal (Querist)
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24 August 2012 Closing Stock of March, 2005 is included sales tax then we are able to claim vat on opening stock or not ?

Expl: Opening Stock 10,00,000/-
Sales Tax in Stock @20% 2,00,000/-.

Shivshankar Kankayya Jadal

Shivshankar Kankayya Jadal (Querist)
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24 August 2012 Opening Stock 10,00,000/-
Sales Tax in Stock 2,00,000/-

Purchase A/c 1,00,00,000/-
Vat on Purchase 20,00,000/-

Sales A/c 1,05,00,000/-
Vat on Sales 21,00,000/-

Vat Refund C/f 1,00,000/-

Closing Stock 10,00,000/-
Gross Profit 5,00,000/-

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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28 August 2012 Mr Shivshankar KJ,
Why this query at this belated stage. There was permission to claim ST paid on the opening stock on 1st April 2005,with some conditions(sepertely made in each state). If you did not claim it then in your returns it has already lapsed. As shown by you are eligible for a refund/cf of VAT for that year.....MJK

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