INPUT CREDIT- URGENT
This query is : Resolved
06 July 2009
Friends,
Whether VAT input credit can be availed and utilised in the following scenario ?
1 The company's Finished Product is exempted from VAT.
2 It pays VAT at the time of purchasing Raw Materials etc.
3 Scrap is generated during manufacture of Finished Product and the same is sold. VAT is collected and paid during such sales.
4 Can the company avail input credit on purchase of Raw Materials etc. and then utilise the same against VAT liability arising on account of sale of scrap?
5 Is there any provision for claiming input refund of VAT paid on purchase of inputs(ie Raw Materials etc.).
Whether VAT input credit can be availed and utilised in the following scenario ?
1 The company's Finished Product is exempted from VAT.
2 It pays VAT at the time of purchasing Raw Materials etc.
3 Scrap is generated during manufacture of Finished Product and the same is sold. VAT is collected and paid during such sales.
4 Can the company avail input credit on purchase of Raw Materials etc. and then utilise the same against VAT liability arising on account of sale of scrap?
5 Is there any provision for claiming input refund of VAT paid on purchase of inputs(ie Raw Materials etc.).
09 July 2009
If finish good is exempted from sale tax vide any Notifification or Schudle,VAT credit can not be admissable. but if there is no exemption but sale tax rate is 0%, i.e. sale tax rate is 0% on Export sale, ofcourse one can avail the VAT credit, and can utilise against his sale.
Yes there is refund provision for unulilized VAT credit.
Yes there is refund provision for unulilized VAT credit.
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
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Gst on travel by air for business purposes
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Difff in ais receipts and gst turnover
- Rent claimed on building given on permissive possession basis
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
