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
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Reward for festival
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Rectification under processing even after 6 months cpc portal
- TDS Return Statement Status
- Closer of business and itc of capital goods
- Capital gain on commercial property and investment in residential property
- Appointment of Auditor By Form ADT-1
- 18% Rent a cab
- ARCA LOGIN
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
