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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- Gift of mutual fund units to daughter
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Reporting of STCG on Property in ITR
- Form 10BD Filling
- Not able to file ITR
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
