15 January 2012
Hii Can Any one tell me how to treat URD Purchases in KVAT Act basically we r purchases seconds Machineries From shut down mills and sells it to rice mill owners
For URD Purchase u have to pay tax first and you can claim input in the subsequent month or if is sold during month the entire input VAT can be claimed.
in sales column :
enter the URD purchases sold with tax rate
and in purchase column, enter the URD purchase in the column with tax amount
CAclubindia
