Accounting of purchases under Vat Input Credit
This query is : Resolved
03 March 2010
In case of capital goods, only the amount of fixed asset purchased has to be capitalised and not the vat amount if the vat portion is taken for input credit purposes.
Similarly in case of purchase of raw material, vat paid will be taken as input credit and whether purchases has to be accounted excluding vat portion?
Since two benefits are availed: one is vat input credit and other one is, vat on purchases is also claimed as expense.
Similarly in case of purchase of raw material, vat paid will be taken as input credit and whether purchases has to be accounted excluding vat portion?
Since two benefits are availed: one is vat input credit and other one is, vat on purchases is also claimed as expense.
03 March 2010
Dual benefit is not possible. Claim of Input Tax Credit(ITC) and claiming expenditure are mutually exclusive.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Rent lease agreement
- Relief u/s Section 89
- REGARDING SECTION 44AE
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
