Input tax credit
This query is : Resolved
Atinder Singh
(Querist)
26 June 2012
dear experts,
i would like to know your kind suggestions in the following situation....
A person is in business of generating power has purchased capital assets and booked VAT input on it. He does not have any VAT output.
Is he could claim the VAT input as refund?
i would like to know your kind suggestions in the following situation....
A person is in business of generating power has purchased capital assets and booked VAT input on it. He does not have any VAT output.
Is he could claim the VAT input as refund?
CA CS Amit S. Kedia
(Expert)
26 June 2012
If the person does not have any liabilty for output VAT then he can not claim the refund.
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Atinder Singh
(Querist)
26 June 2012
Thanks for giving your valuable opinion...
he is liable for form C, except that he does not have any VAT output liability. he has booked VAT input credit.
now again the same question is he claim the refund of VAT input...
he is liable for form C, except that he does not have any VAT output liability. he has booked VAT input credit.
now again the same question is he claim the refund of VAT input...
CA CS Amit S. Kedia
(Expert)
26 June 2012
C form is issued only for Input CST and not for VAT.
Murtaza I Bhagat
(Expert)
26 June 2012
if you have purchased any capital assets from interstate dealer then how can you claim refund of vat ? and also ITC on purchase of any product from other state can not claim as input.
in my view if you purchase any capital assets from other state with "C" Composition scheme then it will have to claim C Form while filing CST Purchase return in CST Return you can not even sett off with output
so better way is to claim C form and give it to suppliers to whom it was purchased
in my view if you purchase any capital assets from other state with "C" Composition scheme then it will have to claim C Form while filing CST Purchase return in CST Return you can not even sett off with output
so better way is to claim C form and give it to suppliers to whom it was purchased
Atinder Singh
(Querist)
26 June 2012
thnks experts...
Vishnu Saboo
(Expert)
29 June 2012
since power is exepmted from sales tax, no input credit avilable on purchases.
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