In respect of Haryana VAT in case of a trading concern if the output tax is less than input tax whether the Input Tax Credit has to be reversal to the extent the output tax liability is less than the input tax credit.
1 Replies
K.Sanu Bhagat
(Accounts Enthusiast)
(122 Points)
Replied 04 April 2014
If Output tax = Rs.5000 & Input Tax is Rs.6000 then the balance of Input Tax of Rs.1000 will be carried forward to the next month as Input Tax Credit (ITC).
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