Credit of depb!!! (gvat)
This query is : Resolved
25 April 2012
Suppose X ltd. has sold DEPB license charging VAT to Y Ltd. and after few months X ltd. acquires the same DEPB license from Y ltd. without Charging VAT..
Query:
1> Whether Y ltd can avail credit on VAT paid on purchase under GVAT?
2> Whether VAT is to be charged on X ltd when license is sold to X ltd under GVAT?
Query:
1> Whether Y ltd can avail credit on VAT paid on purchase under GVAT?
2> Whether VAT is to be charged on X ltd when license is sold to X ltd under GVAT?
26 April 2012
1 . Under section 11 there are conditions narrated as to under what circumstances VAT Credit can be claimed. If the goods were meant for resale VAT credit can be claimed.
2. VAT has to be charged.
2. VAT has to be charged.
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
- Tax on Deemed Capital Gain
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Rent claimed on building given on permissive possession basis
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Grand in aid
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- 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
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
