Vat

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nisha

nisha (Querist)
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03 September 2012 can the input tax credit @(for e.g)5% be used to set off output tax @(for e.g)14.5%?

Ahamed

Ahamed (Expert)
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04 September 2012 Yes, there is no(percentage) limit on setting of Input Tax Credit against the Output Tax.

The Maximum amount you can set off Input Credit is to a limit of Output Tax payable and the balance can be carried forward.

vishwash agarwal

vishwash agarwal (Expert)
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04 September 2012 Yaa

You definately can

Thanx & Regards

Vishwash Agarwal
MN : 7666515328
Mail ID : samadhan.vish@gmail.com

nisha

nisha (Querist)
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05 September 2012 thanks... but y then in companies they maintain Input tax credit a/cs with different percentages? This is a TN VAT issue..

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