A company purchase goods Rs.2000/- & input vat received
rs.100/- but at the time he sold goods 1000/- as a sales &
1000/- as a sock transfer. plz tell me how much take input
claim in this case.
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Answer / Shikha Kushwaha
To calculate the input tax credit (ITC), we need to consider the taxable amount of purchases. In this case, the taxable purchase value is the original price minus the selling price minus the VAT paid. So, Input Tax Credit = Rs. 2000 - 1000 - 100 = Rs. 900.
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