VAT Inuput Credit Tax
This query is : Resolved
12 August 2008
VALUE ADDED TAX
1) While Production of Finished goods we take the Input Vat Credit on Raw Materials purchased for the production of finished goods in the factory.
After production we transfer those goods to different states through form ¡§F¡¨
„« How we will set off the Vat Input Credit if the finished goods are not sold in same state or some of the goods say 20% sold in same state.
„« Whether we can transfer the Vat Input Credit to other State in which we transfer the finished goods
„« Whether the Vat paid for administration work in sales office same can be taken as input vat credit.
„« If the Vat Input Credit is Excess than Vat Output Tax than the remaining Input should be carried forward or refund can be claimed.
„« Vat Paid on Capital Goods in factory as well as in Sales office whether the same can be taken as Vat Input Credit.
„« Whether Vat Input Credit taken on Capital Goods will be eligible for deprecation.
„« Vat Input Claimed & Payment of VAT by Work Contractors.
„« What is the set off procedures of CST with VAT.
1) While Production of Finished goods we take the Input Vat Credit on Raw Materials purchased for the production of finished goods in the factory.
After production we transfer those goods to different states through form ¡§F¡¨
„« How we will set off the Vat Input Credit if the finished goods are not sold in same state or some of the goods say 20% sold in same state.
„« Whether we can transfer the Vat Input Credit to other State in which we transfer the finished goods
„« Whether the Vat paid for administration work in sales office same can be taken as input vat credit.
„« If the Vat Input Credit is Excess than Vat Output Tax than the remaining Input should be carried forward or refund can be claimed.
„« Vat Paid on Capital Goods in factory as well as in Sales office whether the same can be taken as Vat Input Credit.
„« Whether Vat Input Credit taken on Capital Goods will be eligible for deprecation.
„« Vat Input Claimed & Payment of VAT by Work Contractors.
„« What is the set off procedures of CST with VAT.
12 August 2008
12 August 2008
18 September 2008
Mr. Rahul,
How we will set off the Vat Input Credit if the finished goods are not sold in same state or some of the goods say 20% sold in same state.
Proportionate amount of ITC to be reversed. However, it is advisable to check your local VAT laws regarding-
1. Procedure of apportionment
2. Rate of reversal
(For eaxmaple you may refer (for hints) section 14(6)(h) of AVAT Act 2003, which specifies that no ITC will be allowed on- "tax paid on purchases of goods despatched to a place outside the State not as a direct result of sale in the course of inter-state trade:
Provided that the input tax credit may be allowed for the tax paid in excess of the amount of tax that would have been leviable had the goods been sold in the course of inter-state trade or commerce to a registered dealer;"
„« Whether we can transfer the Vat Input Credit to other State in which we transfer the finished goods
NO YOU CAN NOT
„« Whether the Vat paid for administration work in sales office same can be taken as input vat credit.
I think no (At least in the state of Assam)
„« If the Vat Input Credit is Excess than Vat Output Tax than the remaining Input should be carried forward or refund can be claimed.
Please refer your local VAT Laws. However normally it must be carried forward up to aprescribed minimum period.
„« Vat Paid on Capital Goods in factory as well as in Sales office whether the same can be taken as Vat Input Credit.
Please refer your local lwas (Section relating to Input Tax credit)
„« Whether Vat Input Credit taken on Capital Goods will be eligible for deprecation.
NO
„« Vat Input Claimed & Payment of VAT by Work Contractors.
???????????
„« What is the set off procedures of CST with VAT
??????
How we will set off the Vat Input Credit if the finished goods are not sold in same state or some of the goods say 20% sold in same state.
Proportionate amount of ITC to be reversed. However, it is advisable to check your local VAT laws regarding-
1. Procedure of apportionment
2. Rate of reversal
(For eaxmaple you may refer (for hints) section 14(6)(h) of AVAT Act 2003, which specifies that no ITC will be allowed on- "tax paid on purchases of goods despatched to a place outside the State not as a direct result of sale in the course of inter-state trade:
Provided that the input tax credit may be allowed for the tax paid in excess of the amount of tax that would have been leviable had the goods been sold in the course of inter-state trade or commerce to a registered dealer;"
„« Whether we can transfer the Vat Input Credit to other State in which we transfer the finished goods
NO YOU CAN NOT
„« Whether the Vat paid for administration work in sales office same can be taken as input vat credit.
I think no (At least in the state of Assam)
„« If the Vat Input Credit is Excess than Vat Output Tax than the remaining Input should be carried forward or refund can be claimed.
Please refer your local VAT Laws. However normally it must be carried forward up to aprescribed minimum period.
„« Vat Paid on Capital Goods in factory as well as in Sales office whether the same can be taken as Vat Input Credit.
Please refer your local lwas (Section relating to Input Tax credit)
„« Whether Vat Input Credit taken on Capital Goods will be eligible for deprecation.
NO
„« Vat Input Claimed & Payment of VAT by Work Contractors.
???????????
„« What is the set off procedures of CST with VAT
??????
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