Input vat credit for taxable services
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2013
We have purchased few products against which we have paid VAT @ 14.5%. This product is being used to provide taxable output service.
Can we avail the credit of Input VAT paid against the same from the Output VAT payable by us?
Can we avail the credit of Input VAT paid against the same from the Output VAT payable by us?
27 June 2013
This query is posted in Service tax column.But in the second line it ended with VAT payable?
It is okay.
Definitely you can avail Input tax credit aganist the output VAT tax, if the product is directly connected with production or resale. Under vat act, the product should be purchased within the state.
For availing service tax input tax credit the VAT paid cannot be adjusted only service tax paid can be adjusted provided the input credit is in relation to its output services.
It is okay.
Definitely you can avail Input tax credit aganist the output VAT tax, if the product is directly connected with production or resale. Under vat act, the product should be purchased within the state.
For availing service tax input tax credit the VAT paid cannot be adjusted only service tax paid can be adjusted provided the input credit is in relation to its output services.
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