Vat
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 January 2012
Can any body solve my problem and oblige me
goods of 9 crore is destroyed in fire we debit all the amount to insurance company and credit the same in purchase and disallow the input vat
Now my question is now insurance company have given my client goods of 36 lac as non fired goods after four or five month now can i reverse the same in purchase and credit to the insurance co. but can i claim the input vat of this goods in current vat return and what is the position when we received the claim from insurance company
Pleae solve my this problem and oblige at your earliest
goods of 9 crore is destroyed in fire we debit all the amount to insurance company and credit the same in purchase and disallow the input vat
Now my question is now insurance company have given my client goods of 36 lac as non fired goods after four or five month now can i reverse the same in purchase and credit to the insurance co. but can i claim the input vat of this goods in current vat return and what is the position when we received the claim from insurance company
Pleae solve my this problem and oblige at your earliest
CA. Hari Kishan
(Expert)
28 January 2012
In my opnion the claim for the input tax may be allowed. Please refer to Centum Industries Pvt Ltd 2011 (71) KLJ (karnataka Tri) (DB) regarding delay in utilization of Input tax. I am of the opinion that you can fight it out and win.
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