Dear Experts,
Under TNVAT there is ITC reversal introduced from OCt-2013 Some companies are doing ITC reversal everymonth. But the case was filed by TVS and some companies against this ITC reversal.
we are mfg unit and we have paid initially 2 months. but after feb14 we have not paid. The Liability is going up as on date. Sales tax dept also not issued any notices for non-payment of ITC reversal.
Whether we can pay or delay it ? your advice please
Venkat
Manufacturing Unit Seeks Advice on Delaying Input Tax Credit Reversal Payments Under TNVAT; Liability Grows Since 2014 A manufacturing unit is seeking advice on whether to continue delaying the payment of Input Tax Credit (ITC) reversal under the Tamil Nadu Value Added Tax (TNVAT) system, which was introduced in October 2013. Despite initially paying for two months, they have not made payments since February 2014, causing their liability to increase. The sales tax department has not issued any notices for their non-payment. The unit mentions that some companies, including TVS, have filed a case against the ITC reversal. They are requesting expert advice on whether to pay the outstanding amount or continue delaying. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
