pls help
This query is : Resolved
10 March 2010
A trader importer buys a depb licence from a local dealer for payment of import duty. He pays vat on it to the seller and the seller issues a tax invoice to the importer. Will the importer be allowed to claim ITC of vat paid on depb licence
10 March 2010
At the same time, denial of input tax credit on DEPB is also against the spirit of Value Added Tax. When DEPB has been determined to be goods by the judicial pronouncements, it remains to be now determined whether user of these goods will be treated as final consumer of these or will these be related to the goods purchased with it ie in case goods meant to be used in manufacture are purchased by it, the input credit should be allowed and in case goods meant for consumption are purchased, input tax credit should be denied.
12 March 2010
Dear Mr Ram
What u r trying to say is not clear to me. Will tax paid on depb licence purchased by importer for payment of tax on imports for resale be allowed as input tax credit or not under the DVAT Act?
What u r trying to say is not clear to me. Will tax paid on depb licence purchased by importer for payment of tax on imports for resale be allowed as input tax credit or not under the DVAT Act?
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