Dear All!
Please clarify if can we take input credit under AP vat on free supply of material made to customer.
Thanks in Advance!
1 Replies
MJ Krishnamurthy
(ACCT(Retd))
(7197 Points)
Replied 07 April 2013
Not only you can not take input credit on the free supply made to some body,you have to reverse the input credit already made while declaring purchases,by calculating at the appropriate ratio.......mjk
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