Can VAT input credit be availed on goods purchased in Delhi and transferred out side Delhi on branch transfer against Form F.
Querry is urgent
4 Replies
Davinder Sodhi
(Lawyer)
(66 Points)
Replied 23 January 2010
Mr Vishal...
we cannot claim full input ... there is a formula of calculating input for local purchase of goods..
there is a percentage given according to the schedule or rate of tax..
Davinder Sodhi
(Lawyer)
(66 Points)
Replied 23 January 2010
depend upon the rate of that goods.. read INPUT TAX CREDIT chapter in DVAT ready Reckoner..
Davinder Sodhi
(Lawyer)
(66 Points)
Replied 23 January 2010
check section 9(6) and 10(3), rule 7(1) DVAT Act
Sudama Pandey
(Manager (Finance & Account))
(31 Points)
Replied 05 March 2010
For the goods which is purchased locally i.e. in Delhi and transferred as stock transfer to Branch or as consignment sale outside Delhi, we need to reverse VAT already taken @ 2% of the amount.
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