input tax credit
This query is : Resolved
05 January 2009
1.Why was sales tax replaced by VAT?
2.What is input tax credit?
3.Can input tax & output tax be kept separately over the financial year is it necessary to transfer to input tax credit?
2.What is input tax credit?
3.Can input tax & output tax be kept separately over the financial year is it necessary to transfer to input tax credit?
05 January 2009
1 becz there was no credit provisions & vat chain was not concrete in that system.
2 ITC is the amount(paid on purchases) which we can set off aginst vat payable on sales .
3 they are kept separately but while making the payment ITC is adjusted with Output vat.
2 ITC is the amount(paid on purchases) which we can set off aginst vat payable on sales .
3 they are kept separately but while making the payment ITC is adjusted with Output vat.
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