Credit of depb!!! (gvat)
This query is : Resolved
Yash saxena
(Querist)
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?
Rohan Desai
(Expert)
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
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Non filing of I T Returns
- TDS on Fixed Assets purchased
- SALARY CAN BE CAPITALIZE
- TDS on purchase of under construction property from a reseller
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
