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Vat input credit

This query is : Resolved 
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(Querist)
14 March 2014 Hi.,
Iam Purchasing items for 14.5% & 5.5% (Input).. And output bill made uniformly 5.5%.
In this case can i claim 14.5% for input credit?
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Anand Dad

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Anand Dad (Expert)
14 March 2014 Yup.........

You can.
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Anand Dad

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Anand Dad (Expert)
14 March 2014 These purchases should be from registered dealers
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Anand Dad

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Anand Dad (Expert)
14 March 2014 and should be eligible to take the input tax credit
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sathya achar

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sathya achar (Querist)
14 March 2014 But my query is ,
Let say., Purchase for Rs. 1,00,000/-
(14.5% - Rs 50,000 & 5.5% Rs 50,000)
Input tax is Rs.7250+2750= 10,000

And sales made for 3,00,000/-. Output Vat (5.5%) Rs. 16500.

Vat payable= Output-input
= 16,500-10,000
= Rs.6,500.
Is it correct way to calculate Vat? C.T.Dept will accept it?
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Anand Dad

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Anand Dad (Expert)
14 March 2014 yup.......


You are going correct.
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Anand Dad

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Anand Dad (Expert)
14 March 2014 whats the query in it?????????
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sathya achar

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sathya achar (Querist)
14 March 2014 Govt get less no.?
For say,
Output 3,00,000*14.5% = 43,500.
And less Input Cr = 10,000
Vat payable will be = 33,500/-.
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Anand Dad

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Anand Dad (Expert)
14 March 2014 This does not depend on the inputs.......
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Anand Dad

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Anand Dad (Expert)
14 March 2014 if your Input is of 5.5% and you output is under the schedule of 14.5%, there is no issue.......
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Anand Dad

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Anand Dad (Expert)
14 March 2014 The working that you have made above is correct.


you may proceed further.

However the rates are the same for you inputs
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