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Ramachandra gopala rao (student)     27 May 2011

Stock Transfer on consignment

we are manufacturers in Andhra Pradesh, We are Importing raw material and no VAT applicable and purchases with in State with ITC. We manufactures finished goods and making sales of CST, VAT,and stocke transfer to westbengal also . and we are claiming ITC on local purchases on raw materials and also spares . At the time of Assessment AP Sales Tax department persons advised us to restrict the ITC with the formula of A x B/C .

I have one doubt that why should we restrict because 80% of  raw materials is imported and we are not claiming ITC and there is no ITC. Why they are not taking the import  material in consideration.Is there any judgement of High court. If yes please provide us the details.

Please clarify us in this matter. It is very urgent for us because assessment is going on.

 

Thanking you

Gopal



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