Input credit
This query is : Resolved
06 December 2012
Hello every1.
I have a little bit confusion regarding VAT input tax nd hoping u people will clarify it.
Do we take input tax credit of VAT for those items which is not related to the core business on the company.
For Eg:-
A company having core business of jewellery manufacturing, so definately it wil take credit of vat for its all Raw material. but what about those items which are not used for production.
In nutshell, the company is end user of the produt on which it has paid vat, then can it claim for input tax credit?
I have a little bit confusion regarding VAT input tax nd hoping u people will clarify it.
Do we take input tax credit of VAT for those items which is not related to the core business on the company.
For Eg:-
A company having core business of jewellery manufacturing, so definately it wil take credit of vat for its all Raw material. but what about those items which are not used for production.
In nutshell, the company is end user of the produt on which it has paid vat, then can it claim for input tax credit?
06 December 2012
Input VAT credit can be availed on only those items which are used in the production process.
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