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tax paid on URD PURCHASE

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(Querist)
24 March 2008 TAX PAID ON URD PURCHASE IS ALLOWABLE AS INPUT TAX CREDIT?
IN ANNUAL RETURN OF A FIRM IT IS SHOWN AS VAT PAID IN EXCESS. WHAT DOES IT MEAN?
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pushpendra

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pushpendra (Expert)
25 March 2008 no input tax credit is given on URD purchase. VAT paid in excess means Input tax is more than output tax.

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