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'
Clarification Sought on ITC Reversal Formula Under TNVAT for Sales at 2% Against C Form, Refer Section 19. A discussion on a forum addresses the reversal of Input Tax Credit (ITC) for sales under the Central Sales Tax (CST) at 2% against C form, as per a new rule in the Tamil Nadu Value Added Tax (TNVAT) effective from November 11, 2013. A participant seeks clarification on the formula for ITC reversal and the relevant section in Annexure III. Responses include a query about ITC eligibility for goods purchased under TNVAT and guidance to refer to Section 19 of the TNVAT Act, 2006 for details on Input Tax Credit. (AI Summary)