TMI BlogTN VAT INPUT REVERSALX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir, I read the following TN budget speech - Clause (c) under Section 19(5) of TNVAT Act, 2006 will henceforth be withdrawn to enable the dealers to claim Input Tax Credit on the inter-State sale of goods without C form. This measure will eliminate additional burden on the dealers effecting inter-State sale of goods without C form. Please clarify what it means.. Doe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s it means that hereafter TN VAT dealers need not submit C forms for 2% sales..? Regards, Rambabu.D - Reply By Ganeshan Kalyani - The Reply = At the outset, requirement of Form C is provided under CST Act and provision of retention is as per State VAT Act. Therefore in my view Form C would be required in any case. - Reply By Ganeshan Kalyani - The Reply = Prior to the amended the input t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax credit was to be reversed for interstate sale both against Form C or without Form C at different rate which means the corresponding input tax credit to the ratio of such sale was to be foregone. Now with the provision being done away, no need for the dealer to reverse input tax credit on interstate sale. Thanks. - Reply By YAGAY AND SUN - The Reply = Input Tax Credit reversal imposed at the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate of 3 per cent on the inter-state sale of goods as per proviso to section 19(2) (v) of Tamil Nadu Value Added Tax Act 2006, which was introduced with effect from 11.11.2013 had been withdrawn henceforth to make the manufacturing industries in Tamil Nadu more competitive with their counterparts in the neighbouring States. c) Clause (c) under Section 19(5) of TNVAT Act, 2006 will henceforth be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... withdrawn to enable the dealers to claim Input Tax Credit on the inter-State sale of goods without C form. This measure will eliminate additional burden on the dealers effecting inter-State sale of goods without C form. - TN VAT INPUT REVERSAL - Query Started By: - Rambabu Dompaka Dated:- 22-12-2015 Value Added Tax - VAT-CST - Got 3 Replies - VAT and Sales Tax - Discussion Forum - Knowle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dge 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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