Inout tax

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LINGAM M (Querist)
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24 December 2011 SIR WE ARE MANUFACTURING CPMPANY WE HAVE PAID VAT FOR PURCHSE OF RAWMATERIALS. THE SALE OF FINISHED GOODS ARE EXEMPCTED . SO WE ARE NOT COLLECTED VAT (OUTPUT), MY QUESTION INPUT CREDIT ARE AVAILABLE ? AT PRESENT WE ADDED INPUT VAT ADDED TO PRODUCT COST.

CA Manish Sukhani

CA Manish Sukhani (Expert)
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26 December 2011 Input vat can be availed only for the goods which are taxable as output, in such case product is not taxable than u cant booked the credit, hence it will be from part of Product cost.

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LINGAM M

LINGAM M (Querist)
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26 December 2011 Ok .Thank You Sir

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