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Subsequent reversal of VAT

Former Member
0 Kudos

Hi

At the time of procurement i took credit for the VAT of Rs.100.

Now after some days, i used this goods for non-manufacturing. Hence as per VAT law, i need to reverse the VAT credit i taken at the time of procurement.

Please help can this VAT credit can be reversed?. I do not want to post just FI entry in FB50 for reversal.

Edited by: Meenu_ND on Aug 11, 2011 2:41 PM

Accepted Solutions (0)

Answers (1)

Answers (1)

Former Member
0 Kudos

Hi,

If you used the goods for your self requirement then you can't reverse it.

You have to bare it.

Former Member
0 Kudos

but i cannot take credit. I will have to expense out.

What about VAT reversals because of stock transfers.

Former Member
0 Kudos

Hi,

I cant understand properly what you are asking, can you give more detail.