Vat setoff

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Smrity

Smrity (Querist)
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30 March 2010 is vat setoff taken on the goods transferred to branch in another state

K Bala Kishan

K Bala Kishan (Expert)
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30 March 2010 No Setoff is taken on goods transferred to branch in another state and when it is done such a way it is called Stock Transfers / Branch Transfers which must be accompanied by Form 'F' and also it is known as exempted sales. Set off is only available on taxable sales such as VAT sales (local sales) and CST Sales (Interstate sales) can be set off with only local purchases with registered dealers under VAT Act.