Input on local purchase
This query is : Resolved
13 April 2015
Dear Experts
Pls Clarify
The Registered dealer under Karnataka VAT Act., our product was exempted Under KVAT as per KHC Judgment and we filed our VAT-100 by claiming as exempted sales and not declared Local Purchase and not claimed Purchase Input. Because our product was exempted.
Now the Judgement is revered as exempted goods is taxable. Can we claim Input on local purchase(Which was not declared in VAT-100)
Pls Clarify
Pls Clarify
The Registered dealer under Karnataka VAT Act., our product was exempted Under KVAT as per KHC Judgment and we filed our VAT-100 by claiming as exempted sales and not declared Local Purchase and not claimed Purchase Input. Because our product was exempted.
Now the Judgement is revered as exempted goods is taxable. Can we claim Input on local purchase(Which was not declared in VAT-100)
Pls Clarify
13 April 2015
If the input is on materials procured for the sale of a taxable good, then you can take credit of it. Even if you have not shown it your Return, you may claim it. There's no bar in it. Since the error is not intentional, you can surely avail the credit.
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