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Input Tax Credit

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siril (Querist)
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14 March 2011 we are using 12.5% taxable raw material for making of machinery which taxable at 4 % my question is that can we avail 12.5 % input tax fully in relation with 4 % sale as per VAT

Jainish shah

Jainish shah (Expert)
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14 March 2011 yes. You can avail credit of VAT paid against VAT payable irrespective of the fact that rates are different. Hence, you can avail credit of 12.5% VAT paid to 4% VAT payable.

G.Ramesh (Expert)
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14 March 2011 Yes..agreed with the above expert

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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14 March 2011 You can use 12.5 % of Input against 4 % of output tax and it is a greated mechanism of VAT

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