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TMI BlogNotice Received for Branch TransferX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, We have received notice for branch transfer for that we have not paid reverse credit. In that notice they have metioned the value but we need to know how they arrived that value. We need formula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... example also. Our branch transfer was inter state. - Reply By Pradeep Khatri - The Reply = Rule 10.(9( (b) of the TNVAT Rules Input tax credit 9 (b) Input tax credit on transfer of goods ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... falling under section 6-A of the Central Sales Tax Act, 1956 shall be allowed only if Form F prescribed in the Central Sales Tax (Registration and Turnover) Rules, 1957 is filed. - Reply By Ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vikumar muthusamy - The Reply = In tamilnadu earlie it was 3 percent of ITC portion on Stock transfer value means if ITC is Rs.1000 and total sales value is 10000 and stock transfer is 5000 ITC rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ersal amt calculation is 1000/10000 * 5000 = 500 * 3/5 or 3/14.5 based on vat rate. Now it is 5 percent on Stock transfer or interestate sales without C form and 3 percent on cst with c form. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is to be noted that if the stock tranfer or cst sales are not made out of vat purchased goods no need to reverse ITC - Notice Received for Branch Transfer - Query Started By: - Seetha Lakshmi Dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed:- 5-2-2014 Value Added Tax - VAT-CST - Got 2 Replies - VAT and Sales Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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