Input VAT Credit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2010 Sir,
An assessee is dealing in one commodity which is Non taxable say by Tariff / Schedule under GVAT Act. What will be effect of VAT paid on goods?

Would it have any other impact , if ouput is non taxable by Notification?

Pls. guide on these issues.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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30 August 2010 No. Impact on this, since the goods are exempted by notification and tarrif, Input cannot be taken.

In case the relevent notification has been withdrwan in future Input for the futher period you can take, the same applicable for exemption withdrwan by tariff

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2010 thanks

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