I have purchases from both registered and unregistered dealers. I have to pay purchase tax on purchases from unregistered dealer. Can I setoff the input credit of registered dealer purchases with purchase tax?
I mean to say that, If I have to pay Rs.100 as purchase tax and I have input credit of Rs.500 from purchases that I have made from registered dealers, can I setoff this and carry forward Rs.400 as input credit for next month????
Kindly reply as soon as possible.