Reversal of input tax credit

This query is : Resolved

Karan Goyal (Querist)
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30 June 2016 Can anyone tell me the concept of reversal of input tax credit like input tax paid on oil & lubricants is reversed which is paid in excess of 5.50 % in Punjab ?
and also tell me the commodities on which such reversal is applicable ?

Thanks

Rupesh Jain

Rupesh Jain (Expert)
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30 June 2016 under the vat act, there will be many situation when the reverse make by the deptt. its depend on the state vat act.
if you make stock tfr out of state then you are making reverse. and when you using for vat exempt goods mfg. then its also to be reverse., pls mention your case.