Reversal on Form F is required, VAT + CST

[jeyakumar c]

Dear Team,

I have a query, how to calculate reversal against form F ( Stock Transfer ). Is this reversal is required for assessment. If yeas where to show this figure in form.

Regards

Jeyakumar

Posts / Replies

[Pradeep Khatri]

Dear Jeyakumar C,

You would have to reverse ITC in excess of 2% or as per the formula as mentioned in TNVAT Act. Yes, reversal is mandatory in case of transferring of stock under CST Act. There is no requirement to mention this amount on the Form F rather it would be mentioned in the Statutory Returns.

Regards

YAGAY and SUN

(Management, Business and Indirect Tax Consultants)

[LAKSHMI NARAYANAN TR]

W.e.f 11.11.2013 ITC upto 5% are to be reversed in case of Stock Transfer under Sec 19(4) of TNVAT Act. Prior to 11.11.2013 it was 3%.

[jeyakumar c]

Thank you Sir...