Input Tax Credit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 January 2010 Mr. Ramu is a dealer. He is purchasing goods from interstate and the same he sold as Local sales and local purchase also made during the month.

Que 1 : Is this possible to adjust Local Purchase Tax amount against Local Sales Tax Amount(Which is purchased from Outside the state)?

Que 2 : If it possible. I need the provision given by ACT.

Rahul Vora

Rahul Vora (Expert)
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19 January 2010 It is possible to adjust Local Purchase Tax amount against Local Sales Tax amount (which is purchased from outside the state) There need not be a one to one co-relation between VAT credit availed and utilised.
Let me know for which state do you want the provision given in the Act.

Querist : Anonymous

Querist : Anonymous (Querist)

25 January 2010 Thanks you sir.

And I need provision for TNVAT Act.

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