My business ready made garments. Stock 2000000 value last 5 year old. how to calculate input tax refund.
If u hv taken credit in ur previous VAT returns and goods are in books of account too,then u will get credit. but if u haven\’t taken credit before or the stock is purchased outside state then u ll not get credit of stock older then 1 year.
No input tax credit for stock above one year
Since stock.is old more than a year ,you will not credit