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Reversal on input tax credit on capital goods under Tnvat act

VAT and Sales Tax - Started By: - THYAGARAJAN KALYANASUNDARAM - Dated:- 18-8-2016 Last Replied Date:- 20-8-2016 - Dear expert,one of my manufacturers of automobile components and related goods. They have purchased capital goods and which is used for producing finished taxable goods. In the financial year 2014-15 they have sold goods within the state as well as interstate sales. The sales tax authority reverse the input tax credit proportionately towards cst sales.my question is even reversal of .....

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manufacture of taxable goods in the manner prescribed.]Accordingly you will have to reverse proportionate input tax credit availed on Capital Goods. - Reply By THYAGARAJAN KALYANASUNDARAM - The Reply = Dear sir,In our case all the goods which are manufactured by our customer is all taxable goods only. There is no question of reversal would arise sec 19(6) of Tnvat act since no exempted goods are produced by our client and the sec 15 is not applicable. But the sales tax authority invoking sec 19 .....

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and the question raised. The Section 19(5)(c) and 19(2)(v) of TNVAT as referred by the Sales Tax authorities have been omitted by Act No.5 of 2015 Tamil Nadu Value Added Tax (Amendment) Act, 2015 dated 31st March 2015. As such, you can fight with them based on the provisions of Section 19(3)(a) of TNVAT - Reply By THYAGARAJAN KALYANASUNDARAM - The Reply = Dear sir,These transactions are during the financial year of 2014-15. Not after the 1.04.2015. - Reply By Ganeshan Kalyani - The Reply = Sir, .....

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