Input VAT
This query is : Resolved
07 November 2009
Dear Sir,
Please Clarify
Can we take vat input on previous months bills, what is the provision pls Inform.
Thanks
Regard's
Manju
Please Clarify
Can we take vat input on previous months bills, what is the provision pls Inform.
Thanks
Regard's
Manju
07 November 2009
The basic principle of vat is to tax on the value addition only.THere is a provision to carry forward the input tax assumption being that the inputs are still in stock. VAT is a state legislation so u should look into the VAT laws of that state for getting the applicable sections etc.
29 November 2009
Yes, Credit of input vat will be carry forward to next month as op. input vat balance.
31 December 2009
it's not necessary that material which purchasesd in which month can be book purchases in same month. hence if material dispatched in prevuios month but received by purchaseser in subsequent month, VAT input credit will be taken in that month only.
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