Reversal on Form F is required

[jeyakumar c]

Dear Team,

I have a query, how to calculate reversal against form F ( Stock Transfer ). Is this reversal is required for assessment. If yeas where to show this figure in form.

Regards

Jeyakumar

AI Summary

Reversal of ITC Mandatory for Stock Transfers: TNVAT Act Requires Reporting in Returns, Not Form F, Since Nov 2013. A discussion on a forum addresses the calculation of reversal against Form F for stock transfers under the VAT and CST Acts. The query seeks guidance on whether reversal is necessary for assessment and where to report it. Responses clarify that reversal of Input Tax Credit (ITC) is mandatory for stock transfers, with specific percentages outlined in the TNVAT Act-2% or as per the formula, increasing to 5% from November 2013. It is noted that this amount should be reported in statutory returns, not on Form F.