Branch Transfer under Punjab VAT

This query is : Resolved 
 


Querist : Anonymous (Querist)
15 February 2011

Sir facts relating to my query for A.Y. 2005-06 are:

Sales subject to VAT Rs.10,00,000
Consignment/Branch Transfer Rs.5,00,000
Total sales Rs.15,00,000

Total Purchases (4% + 12.5%) Rs.10,00,000
ITC on above (4% + 12.5%) Rs.1,00,000

Now i want to calculate the reversal amount (apportionment for branch transfer)??
I am little bit confused over 2 methods which are:
1st method:
Reversal amount= 1,00,000*5,00,000/15,00,000 = 33333

2nd method:
Reversal Amount= 5,00,000*10,00,000*4/15,00,000*100 = 13333

PLEASE SOLVE MY QUERY RECITING APPLICABLE RULES AND TAX LAWS.

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Querist : Anonymous (Querist)
16 February 2011

Please reply


Querist : Anonymous (Querist)
16 February 2011

please reply



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