INTERVIEW QUESTIONS TAX VALUE ADDED TAX DETAILS

Question: What is the procedure to be adopted to claim input tax credit for the goods held in closing stock?

Answer: A registered dealer who claims input tax credit for the goods held in closing stock shall furnish details of inventory with details of input tax paid to the assessing authority within thirty days from the date of the commencement of the Act along with Photostat copy of the related purchase invoices / bills in the prescribed form. The dealer can take the credit and deduct it from tax payable on sale immediately from January 2007. The dealer shall adjust the credit within six months. After adjustment, if there is tax credit available, the same shall lapse to Government, after six months. The assessing authority, after receipt of inventory and after verification of the genuineness of the claim shall pass order determining the quantum of input tax credit eligible for the dealer within 3 months.

A registered dealer who claims input tax credit for the goods held in closing stock shall furnish details of inventory with details of input tax paid to the assessing authority within thirty days from the date of the commencement of the Act along with Photostat copy of the related purchase invoices / bills in the prescribed form. The dealer can take the credit and deduct it from tax payable on sale immediately from January 2007. The dealer shall adjust the credit within six months. After adjustment, if there is tax credit available, the same shall lapse to Government, after six months. The assessing authority, after receipt of inventory and after verification of the genuineness of the claim shall pass order determining the quantum of input tax credit eligible for the dealer within 3 months. Source: CoolInterview.com

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