Stk Transfer
This query is : Resolved
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
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
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.
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.
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