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Input Credit

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Querist : Anonymous

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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 .
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
13 January 2011 Input credit is allowed on total tax payble. It is not calculted on the basis of itemwise tax.
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Rahul Vora

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Rahul Vora (Expert)
13 January 2011 Fully agree with CA. Shailesh
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