19 April 2013
Is VAT applicable on semi stiched textile products (Saree/dress). I know that it is applicable on Ready made garments but not on Textile products. 2. Can retail shop selling both readymade garment & exempted textile product get full input VAT credit on purchases made commonly (like printng & stationery, designer material etcs)
It would be compulsory for doing Vat Reg.under Form 101 in name of XYZ( main Co.) where one of its new branch is dealing in Retail now ?? Plz Help ..
20 April 2013
Textiles goods presently are exempted under all states except Andhra pradesh where it is taxable @ 5.5%. Hence no tax on sales textiles goods if you are selling from any state in India other than AP.
As to claim of input tax on packing material since both taxable and exempted commodities are traded. It is a very subjective thing and you shall be required to reasonable disallow the claim of input tax. Also the law prescribes PARTIAL REBATING scheme as to how to compute the amount of disallowance.
22 April 2013
Sir, But what if hvng a textile industry XYZ , the owner is expanding his business ( new branch) and has started trading in ready made clothes -- Retail. Then is he liable to get register for VAT in name of his original name of textile industry.since his retail branch is name of main co. name XYZ ?? Becuse VAt is applicable in RETAIL Business of Ready made Clothes.
CAclubindia
