TNVAT - ITC reversal for CST 2% sales

[venkat eswaran]

Dear Sirs,

as per new rule in TNVAT from 11.11.2013. ITC reversal tobe done for CST 2 percent sales against C form.

Pl give the formula for the said ITC reversal. and in which section in Annexture iii  this to be mentioned?

Pl give ur valuble reply

Venkat'

 

 

 

Dear sir If I pay local tax 5%and sale the goods,which I purchased in TNVAT ,will I get ITC. PLS CLARIFY. Thanks

[Ganeshan Kalyani]

Dear Kantilal,

Refer Section 19 of TNVAT Act, 2006 Input Tax Credit.

regards,

ganeshan

AI Summary

Input tax credit reversal for inter-state sales against C forms requires a specified formula and annexure disclosure.
Input tax credit reversal obligation arises for inter-state sales effected against C forms, requiring taxpayers to apply a specified formula to reverse the attributable ITC and record the reversal in the prescribed annexure column, and to consider interaction with local tax-paid sales under the input tax credit eligibility provisions.