Input credit under vat act
This query is : Open
25 February 2012
Dear All,
We are the suppliers of dispensible pumps to petroleum industries like HPCL or IOCL.When supplying the dispensible units we are charging 14.5 VAT on our supply. IS HPCL(petroleum industry) allowed to take input of the vat we charged. If they treated DU as Capital goods is they allowed to take input credit or not. Please help me out in this regards.
We are the suppliers of dispensible pumps to petroleum industries like HPCL or IOCL.When supplying the dispensible units we are charging 14.5 VAT on our supply. IS HPCL(petroleum industry) allowed to take input of the vat we charged. If they treated DU as Capital goods is they allowed to take input credit or not. Please help me out in this regards.
26 February 2012
Mr. BRS Vasan,
In each state VAT paid on purchases of notified capital goods is allowed.Goods included in the notifications in each state are different. In Karnataka the DUs are not considered as capital goods.Hence VAT paid on their purchases can not claimed as input tax. Similarly you have to see the notifications issued by each state seperately.
MJK
In each state VAT paid on purchases of notified capital goods is allowed.Goods included in the notifications in each state are different. In Karnataka the DUs are not considered as capital goods.Hence VAT paid on their purchases can not claimed as input tax. Similarly you have to see the notifications issued by each state seperately.
MJK
03 April 2012
I agree with the expert
26 May 2015
Thankyou very much sir,
How can I refer the notifications in tn vat. Please help me to find out the relevant notifications sir.
Regards
BRS VASAN
How can I refer the notifications in tn vat. Please help me to find out the relevant notifications sir.
Regards
BRS VASAN
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Value of property in capital gain
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
