Interstate purchase and sales in local
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 July 2012
we purchase electronic items from other states on VAT @ 5%, and we sale it in maharashtra, can we take setoff with VAT on local sales.
CA RICHA BADALIA
(Expert)
02 July 2012
No,it cannot be set off .
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RENGARAJ R.K
(Expert)
23 July 2012
The main ingredient of the Set-off (Input tax credit) is - the products should be purchased within the state from the registered dealer. Such products should be for resale or consumption in the production.
Therefore interstate purchases are not eligible for set-off as correctly said by CA Richa Bothra.
Therefore interstate purchases are not eligible for set-off as correctly said by CA Richa Bothra.
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