Vat on gas (lpg & oxyg.)
This query is : Resolved
05 September 2011
Dear Sir,
We are the manufacturer of steel ingot. We use gas to finishing the products (to cut the endcutting of the ingot). Can we take credit of vat on purchase of the gas.
We are the manufacturer of steel ingot. We use gas to finishing the products (to cut the endcutting of the ingot). Can we take credit of vat on purchase of the gas.
05 September 2011
Yes, VAT can be claimed for credit however, if VAT is paid @ 5%, only 2% can be claimed for set off.
Yes, VAT can be claimed for credit however, if VAT is paid @ 5%, only 2% can be claimed for set off.
06 September 2011
but the vat on gas @ 12.50%+10.00%. then what?
06 September 2011
Yes i agree with the experts
08 September 2011
Mr R Sharma,
In Karnataka,VAT paid on purchases above 4% can be claimed as input tax credit.
MJK
In Karnataka,VAT paid on purchases above 4% can be claimed as input tax credit.
MJK
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- Merchant Export Accounting
- Agriculture income or business income
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
