Amendment in Bihar Value Added Tax Rules 2005

By | February 28, 2016
(Last Updated On: February 28, 2016)

BIHAR VAT

Amendment in Bihar Value Added Tax Rules 2005

Sub-rule (2)(b) of Rule 14 has been substituted. Now, the value of stock transfers outside the State shall be arrived at after applying the following Formula-

 

R2 = [B x I / P]

{Earlier formula was: R2 = [4 x B ÷ 100]}

Where,

R2 = reverse credit on account of stock transfers outside the state

B = total value of stock transfers outside the state

I = input tax paid by the dealer on purchase of inputs, other than those specified in Schedule I, during the month

P = value of goods, other than goods specified in Schedule I, purchased during the month from within the State

Rule 17 (Refunds) has been omitted.

[Notification No. S.O. 12 Dated 13th January, 2016]

 

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