Pramod Kumar B.K. (CA Articleship student) (36 Points)
21 April 2016Hi, Dear CAClubindia Members,
My query is how and in which Colum to (VAT 105 of Karnataka VAT online return) show purchase made and self-consumed for example: Rs1000 Basic price and Rs.55 tax i.e 5.5% tax rate purchase made from METRO cash and Carry and self-consumed for personal use. Thanks in Advance !!!
Regards,
Pramod kumar
Subramanya
(Tax Consultant)
(523 Points)
Replied 21 April 2016
If these commodities are purchased for the purpose of Resale or Manufacturing, However, self consumed
These Purchases should be shown in Box No. 9 Purchases
Also as you have self consumed ITC needs to be reversed in Box 10. Ineligible Input Tax Credit 10.6 Others
Request other members correct if above considerations are wrong.
with regards,
Subramanya
CAclubindia
