Tax

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Rome t (Querist)
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26 January 2014 if a seller is following composite system under then the buyer from such seller will be able to claim input tax credit ? will his cost be inclusive of vat or just the selling price?

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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26 January 2014 Such composite tax payers are not permitted to collect tax in bills. So,it can not be inclusive of tax also. Hence,no ITC can be aviled on this purchase....mjk

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