ITC Reversal fof FY 2013-14

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..... ITC Reversal fof FY 2013-14
Query (Issue) Started By: - Gopalasamudram Srinivasan subramanian Dated:- 1-6-2016 VAT + CST
VAT / Sales Tax
If a Client has 5% Vat Purchase and 14.5% Vat Purcha .....

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..... se and VAT Sales 5%, Vat Sales 14.5% and Exempted WCT Sales, Service & Labour charges ( Exempted) CST 2% CST Sales against Form C, 5% and 14.5%CST sales without Form what is the ITC Reversal to be a .....

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..... rrived: Sales not covered by Form C (5% & 14.5% CST Sales) x ITC availed (5% & 14.5% / Total Sales (CST + VAT) In the Vat sales whether the exempted T/o also to be included. Or ITC may reversed = S .....

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..... ales not covered by C Form x ITC availed /Total Sales (VAT+ CST) x 3/5 = Salest not covered by C Form x ITC availed / Total Sales (VAT+ CST) x 3/14.5 Department confused and taken the IT Reversal as .....

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..... = Sales not covered by C Form x ITC availed /Total Sales T/o (VAT+ CST) What one of the formula tobe adopted for 2013-14 Financial year GS Subramanian
Discussion Forum - Knowledge Sharing .....

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