Reversal on Form F is required

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..... Reversal on Form F is required
Query (Issue) Started By: - jeyakumar c Dated:- 18-11-2014 Last Reply Date:- 22-11-2014 VAT + CST
Got 3 Replies
VAT / Sales Tax
Dear Team, I have a query, .....

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..... 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 Reply By Pradeep Khatri: The .....

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..... Reply: 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. .....

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..... 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) Repl .....

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..... y By LAKSHMI NARAYANAN TR: The Reply: 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%. Reply By jeyakuma .....

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..... r c: The Reply: Thank you Sir...
Discussion Forum - Knowledge Sharing .....

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