Input Credit
This query is : Resolved
04 July 2009
Sir/Mam,
The final product is exempted from VAT(ie zero rate of tax). However, the scrap generated during the manufacture of final products is chargeable to VAT.
Can VAT input credit be taken on purchase of raw materials etc. in proportion to the quantity scrapped or otherwise ?
The final product is exempted from VAT(ie zero rate of tax). However, the scrap generated during the manufacture of final products is chargeable to VAT.
Can VAT input credit be taken on purchase of raw materials etc. in proportion to the quantity scrapped or otherwise ?
04 July 2009
Input credit depend upon the taxability of the final product so taxablity of intermediate product will not make any change.
04 July 2009
Yes.
Under MVAT Act, it is permissible.
Under MVAT Act, it is permissible.
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