meaning of the word "corresponding goods"
This query is : Resolved
17 October 2008
Can some one elaborate on the meaning of the word "corresponding goods" used in
MVAT Act for the purpose of retention
of input tax credit under rule 53 (3)
MVAT Act for the purpose of retention
of input tax credit under rule 53 (3)
21 October 2008
Any Reply Please.
25 October 2008
Any Reply Please.
20 November 2008
Corresponding goods has been clarified in Circular No. 8 of 2008 -09 dtd. 11th November 2008.
It has been clarified that corresponding goods would not include:
- consumables, stores or goods treated as Capital Goods;
- Parts, components and accessories of capital goods;and
- Fuel.
However in case of packing materials used along with goods sold,etc the same has to be considered for reduction/set off purposes.
Hope the same clarifies your issue. In case you need any further details/clarifications, pls. let me know the same.
It has been clarified that corresponding goods would not include:
- consumables, stores or goods treated as Capital Goods;
- Parts, components and accessories of capital goods;and
- Fuel.
However in case of packing materials used along with goods sold,etc the same has to be considered for reduction/set off purposes.
Hope the same clarifies your issue. In case you need any further details/clarifications, pls. let me know the same.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst registered proprietorship firm
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Tax rate change regarding
- GST ISSUE OF INPUT AND OUTPUT GST
- GST Intimation due to Government took possession of Business Premises under PPE Act
- SALARY CAN BE CAPITALIZE
- UDIN ISSUE
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
