Vat exemption
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 April 2012
We are paying VAT at 5%, being restaurants having discounted rate. As we are paying at discounted rate can we avail set off of Gas cylinders? This is the abated rate of VAT i.e. 5%, so can we take set off of Gas cylinders on this VAT paid?
09 April 2012
No, you are not eligible for input tax credit.
You are opting for composition scheme, hence no set off is allowed.
You are opting for composition scheme, hence no set off is allowed.
09 April 2012
Agree with Expert.
Under Composition Schme, Dealer can not utilised any VAT Credit
Under Composition Schme, Dealer can not utilised any VAT Credit
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