Ineligible vat itc
This query is : Resolved
06 September 2013
Myself Rakesh, Accountant at HM Suites & Studios, Bangalore.
First I want to know about Ineligible VAT. Is it applicable when we are purchasing any fuel materials (Gas) from our vendor?
In the month of August, my Gas bill was,
Base Amount: 16355.9
VAT : 2371.61
Then what will be the amount of Ineligible VAT & How much VAT I have to pay, Rs. 2371.61 or 11.5% of 16355.9 i.e 1880.93?
Please inform.
First I want to know about Ineligible VAT. Is it applicable when we are purchasing any fuel materials (Gas) from our vendor?
In the month of August, my Gas bill was,
Base Amount: 16355.9
VAT : 2371.61
Then what will be the amount of Ineligible VAT & How much VAT I have to pay, Rs. 2371.61 or 11.5% of 16355.9 i.e 1880.93?
Please inform.
08 September 2013
Hi Rakesh,
As per the section 11(6) read with section 14 of KVAT act 2003 You can claim the input to the extent of 11.5% on the input tax
As per the section 11(6) read with section 14 of KVAT act 2003 You can claim the input to the extent of 11.5% on the input tax
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