ITC CREDIT UNDER YNVAT ACT

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....TC CREDIT UNDER YNVAT ACT<br> Query (Issue) Started By: - Rajkumar Sethiya Dated:- 29-11-2016 Last Reply Date:- 29-11-2016 VAT + CST<br>Got 1 Reply<br>VAT / Sales Tax<br>ITC CREDIT RULES UNDER TNVAT ....

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....ACT FOR TAKE OVER OF A RUNNING CONCERN BY THIRD PARTY OR SON AND RUNNING THE SAME UNDER NEW REGISTRATION Reply By Ganeshan Kalyani: The Reply: The respective States&#39; VAT law is silent on whethe....

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....r VAT is liable to be paid on buying/selling a company on slump sale basis. However, there are case laws which states that buying / selling a concern on slump sale is not a regular business activity a....

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....nd hence VAT shall not be applicable on slump sale. However if VAT is charged on such transaction then in my view Input Tax Credit should be allowed to the assessee buying such concern on a slump sale....

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.... basis . Thanks .<br> Discussion Forum - Knowledge Sharing ....