Input Credit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 January 2011
IF an item is being sold at loss for eg buying price @ 100 vat input 5% Rs 5 ,but sold at 90 vat output Rs 4.5,what will be input credit ,Rs 5 or will be restricted to Rs 4.5 ,any difference in case dealer is dealing in say 20 items some sold at loss ,some at profit ,but overall there is a profit sale .
13 January 2011
Input credit is allowed on total tax payble. It is not calculted on the basis of itemwise tax.
Rahul Vora
(Expert)
13 January 2011
Fully agree with CA. Shailesh
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