Nov 292013
 

The Tamilnadu Government has made few important amendments in TNVAT Act with regard to reversal of Input Tax Credits in respect of Inter-state sales and Stock Transfers outside the State.

These amendments were carried out by enacting a Tamilnadu VAT (Fifth Amendment) Act, 2013 (Amendment Act) on 8th November 2013.

The effective date for these amendments is 11th November 2013.

The effect of these amendments are as follows :-

Sl. NoNature of TransactionPosition upto 11th Nov 2013Position w.e.f 11th Nov 2013
1Inter-state sales against C Form (Chargeable to tax @ 2% at present)No reversal of ITC RequiredInput Tax Credit allowed in excess of 3% of Tax
2Stock Transfers outside the state (ie) Transfer outside the state otherwise than by sales.ITC allowed in excess of 3%.ITC allowed in excess of 5% of tax.

The relevant Notifications are reproduced below :-

Download (PDF, Unknown)

Download (PDF, Unknown)

 

B S Sridhar & Co., Contact us @ 91-44-45540180 / 91-90804 33131. 

For Quick Response email :- sridharca@gmail.com

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