VAT Input
This query is : Resolved
18 December 2010
Dear Sir,
One person purchase a vehicle for 60 Lac in which 6 Lacs is as VAT@12.5% on firm name.
Is there any ITC credit for that value of VAT ??
If yes then what will be % for ITC ??
Thanks,
Krishna
One person purchase a vehicle for 60 Lac in which 6 Lacs is as VAT@12.5% on firm name.
Is there any ITC credit for that value of VAT ??
If yes then what will be % for ITC ??
Thanks,
Krishna
CA Ayush Agarwal
(Expert)
18 December 2010
Actually VAT Input Credit is Available on Capital Goods Purchased Also in Most of States but Differ According to State Sales Tax Rules(VAT).
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