VAT credit
This query is : Resolved
09 March 2009
Amt.paid for consumable debited to repair & maintenence account? Can VAT credit be taken or head is req. to be changed frm repair & main. to consumable.
CA. MITHUN KHATRY
(Expert)
09 March 2009
vat credit on purchase of consumables used EXCLUSIVELY for labour/jobwork (i.e. not manufacture) is DISALLOWED
i.e. if consumable is used for manufacture of TAXABLE goods then it is allowed.
so show it as consumables is Manufacturing & Trading account as direct expenses.
i.e. if consumable is used for manufacture of TAXABLE goods then it is allowed.
so show it as consumables is Manufacturing & Trading account as direct expenses.
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