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Exaplaine about RITC & how it calculated?
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Answer / ved prakash verma
RITC is reverse input tax credit its calculation as under
step 1.consignment sale of branch transfer divided by total sale multiplied by 100
step 2. tax invoice purchase within state multiplied by %of step 1
step.3 amount of step.2 X 4%
example-
value of branch transfer Rs.50000/- Local sales value is Rs.25000/- total sales b/t and L.S is Rs.50000+15000=75000
tax invoice purchase(within state) Rs.60000/-
step.1 50000/75000*100=66.67%
step.2 60000*66.67/100=40002
step.3 40002*4% hence RITC Rs.1600/-
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