banner_ad

Vat

Others 1140 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
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details