VAT liabilities on LUMSUM

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Navin M Patel (Querist)
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28 August 2010 A firm engaged in construction business; registered under VAT act of Gujarat in LUMSUM. Firm does not claim any credit. The questions are which invoice will take on material purchase RETAIL INVOICE or TAX INVOICE? And what is the impact on VAT liabilities when firm will take RETAIL INVOICE and will take TAX INVOICE?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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30 August 2010 Retail invoice may not contain the VAT portion, even VAT mention you cannot claim,

Tax Invoice contains, VAT it can be claimed , if you are eligible

since you are in lumpsum composit scheme, either invoice no impact

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