what is nagetive vat.
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Negative list of vat
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WHEN INPUT VAT CREDIT IS MORE THAN THE OUTPUT TAX THEN IT IS SOME TIMES CALLED VAT.. WHICH IS TO BE SET OFF FROM CST AND ANY SURPLUS IS BROUGHT FORWARD TO NEXT YEAR
Negative list means "List of goods on which Input vat credit is not available"
Regards
Dayananda
Agree with daya
BANSAL IS RIGHT
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