TN Vat Sec 41

SYED MAHABOOB BASHA (Querist) 01 January 2011 This query is : Open
Sirs

A register dealer filing monthly returns regularly paying tax as per the computation of In Put tax credit unfortunately he does not reach the taxable limit of Rs. 10 lacs
assume his turnover for the year2009 is 800000/- Could it possible to forfeit the ITC u/s 41 of TN VAT.If so the small traders
can not bear the loss. Please clarify.

Thanking you

With Regards

S M Basha

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