https://www.taxtmi.com/forum/issue?id=110439 The note questions the correct method for Input Tax Credit reversal for FY2013-14 where sales attract multiple VAT rates and CST, some with Form C and some without, and whether exempt VAT turnover must be included. It describes three approaches: a simple proportion of non Form C sales to total sales (VAT+CST), including exempt turnover in total sales, and a rate weighted pro rata formula applying tax rate multipliers, while noting departmental application of the simple proportional method. en-us Wed, 01 Jun 2016 14:30:59 +0530 Thu, 23 Jan 2025 15:56:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=110439 The note questions the correct method for Input Tax Credit reversal for FY2013-14 where sales attract multiple VAT rates and CST, some with Form C and some without, and whether exempt VAT turnover must be included. It describes three approaches: a simple proportion of non Form C sales to total sales (VAT+CST), including exempt turnover in total sales, and a rate weighted pro rata formula applying tax rate multipliers, while noting departmental application of the simple proportional method. Discussion-Forum VAT / Sales Tax Wed, 01 Jun 2016 14:30:59 +0530 https://www.taxtmi.com/forum/issue?id=110439