Vat on gas (lpg & oxyg.)
This query is : Resolved
rajneesh sharma
(Querist)
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.
Preety Parik
(Expert)
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.
rajneesh sharma
(Querist)
06 September 2011
but the vat on gas @ 12.50%+10.00%. then what?
06 September 2011
Yes i agree with the experts
MJ Krishnamurthy
(Expert)
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
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