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TMI BlogSales tax ITC reversal creditX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, We are leather tanning industry and we are processing Job work order. We are purchasing chemicals for Job work and we are taking input credit of VAT for purchase value and we are already reversing some % between 5 to 7 of input vat. Still we got notice from the sales tax dept. What is the standard minimum % and Maximum % reversal credit to be done and give us the formula. Than ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ks with regards, R.Sivakumar Accounts Manager - Reply By Pradeep Khatri - The Reply = Dear Siva, It seems that you are not reversing the ITC as per the provisions mentioned in the TNVAT Act. Therefore TNVAT Department has issued a notice on your organization in this regard. Please check the relevant provisions as if you are doing jobwork only and not paying any output tax then you are not ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en allowed to avail the ITC under TNVAT Act read with Rules made there under. Regards, YAGAY and SUN (Management, Business and Indirect Tax Consultants) - Reply By sivakumar rathinasamy - The Reply = Dear Sir, Thanks for replying. But we are showing output vat for our sales at 70% of basic bill value and we are taking input credit for purchase of chemicals used for Job work. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anks with regards, R.Sivakumar - Sales tax ITC reversal credit - Query Started By: - sivakumar rathinasamy Dated:- 5-11-2014 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 - taxmanagementindia - 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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