Amount of input tax
This query is : Resolved
17 June 2017
if a trader has a stock of items as on 01.07.17
which he has received as per following
value of item= 10000
excise@2%= 200
Vat@5%=510
total value= 10710
How much input he can avail if the rate of gst on item is 12 %.
Kindly help me ...
which he has received as per following
value of item= 10000
excise@2%= 200
Vat@5%=510
total value= 10710
How much input he can avail if the rate of gst on item is 12 %.
Kindly help me ...
17 June 2017
Hi Gurwinder,
You will get ITC of VAT Paid via balance of VAT in your last VAT return you file. Further, invoice as you mention which shows Excise Duty paid separately. Therefore, I assume that you purchase goods directly from manufacturer and have excise duty paid document, therefore you will get the ITC of Excise paid as mention on said document
You will get ITC of VAT Paid via balance of VAT in your last VAT return you file. Further, invoice as you mention which shows Excise Duty paid separately. Therefore, I assume that you purchase goods directly from manufacturer and have excise duty paid document, therefore you will get the ITC of Excise paid as mention on said document
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
