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2% itc reversal under gujarat vat

tejas (article) (75 Points)

27 February 2013

hello to everyone,

i want urgent clarification on following matter.
can we take back 2% ITC reversal made in case of inter state sales, when such inter state sales returned, under gujarat VAT. also specify calculation steps for the same.

thanks in advance.

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3 Replies

Mr Subrata Dasgupta (Finance Professional) (171 Points)
Replied 28 February 2013

Dear Tejas

Yes you can take back the 2% ITC Reversal if the goods are not sold inter-State.

The sale return has to be within six months from the date of sale. The goods should be taken into stock and reflected in your books of accounts.

I will be able to give you a calculation if you provide me with an example with figures.

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Divyesh Mehta (Full Time Practise) (21 Points)
Replied 08 April 2015

In case of 2% ITC Reversal under gujarat vat whether sales against form H to be considered under category of Inter state sales and needs to reverse 2% ITC?