Input Credit on Branch Transfers

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..... Input Credit on Branch Transfers
Query (Issue) Started By: - Ramchander Rao Proddatoori Dated:- 20-9-2014 Last Reply Date:- 23-9-2014 VAT + CST
Got 2 Replies
VAT / Sales Tax
Dear Sir, D .....

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..... ealer X is Purchasing Goods in the State of Tamilnadu and paying VAT @ 5% on his purchases. He is using the goods for manufacturing purposes. He is selling finished goods i.e. Taxable Sales in .....

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..... Tamilnadu and also sending some goods to his branches outside Tamilnadu. His Branch Transfers are supported by Form F issued by the Branch outside Tamilnadu. Whether the dealer is eligible for inpu .....

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..... t Tax Credit. Reply By Pradeep Khatri: The Reply: You can avail the Input Tax credit provided you must reverse proportionate ITC on the Stock Transfer as per the provisions of TNVAT Act read with Rul .....

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..... es made thereunder. Reply By Madhukar N Hiregange: The Reply: There is a provision for partial rebating which needs to be examined and to the extent of that credit cannot be availed or reversed. exa .....

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..... mple Normal rate 5 % - PR = 2% then only 3% credit can be availed.
Discussion Forum - Knowledge Sharing .....

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