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.
13 January 2011
Fully agree with CA. Shailesh
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