cpc

clarification needed for reversal of 2% itc if ogs sales

Executive - Indirect Tax

Respected Sir,

We are manufacturer of Taxabal goods under GVAT, we are purchasing Raw materials, packing Materials & Natural Gas as fuel to manufacture Our final taxable Goods.

We rever 4% Input Tax Credit on Fuel local purchase as per GVAT.

Our quarry is, we also done OGS sales and we reversed ITC by 2% of Purchase Turnover as per GVAT Law w.e.f.01-10-2010.

We are not clear that, for calculating turnover of Purchase , it's necessary to include Fuel local purchase also for the same ?? because we already lost ITC by 4% reversal on Local Purchase of Fuel.

Pl help me.

with Thanks & Regds.

Hemant Joshi

hemant_joshi1966@yahoo.co.in

(M) 9426512751

 

 

 

 

 

 

 
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