banner_ad

Vat

Others 1128 views 6 replies

Can we take the input credit of VAT charged by supplier on supply of Stores?

Replies (6)

OF COURSE YES....

Yes...!!!! u can only in case its related to your business transaction...!!!

yes                                                                                                       

The transaction was occured in this manner:-

MAterial VAlue-48090

Discount-17908

Vat @ 4%- 1207.26 and in terms and condition it was written that Cenvat includes EDGP. Whats that?

But the entry made by the enterprise was :-

Supplier A/C ..... cr.                                                            31381                    

Purchase of General stores A/C ....dr.         28488

Cenvat control A/C.....dr.                                  2893.

 

The company purchases roller bearings... PLEASE ADVICE ME WHAT IS RIGHT OR WHAT IS WRONG?

 

I think EDGP stands for excise duty gate pass and Amount of Rs.2893 pertains to excise duty on material purchased. If they my above understanding is right than the entry is corrrect. As far as vat credit concerned you need to look into the respective state law for eligibilty of the credit.

 

Regards

Dayananda

 

yes we can take subject to some condition .

 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details