Reversal on Form F is required

[Asked by Guest]

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

Input Tax Credit reversal required for stock transfers; disclose reversal in statutory VAT returns rather than on Form F.
Reversal of Input Tax Credit is mandatory on stock transfers under the sales tax framework; taxpayers must reverse ITC exceeding the allowance specified by the applicable VAT formula and disclose the reversal in statutory VAT returns and assessment schedules rather than on Form F.