Vat query, urgent please
This query is : Resolved
11 July 2015
if the vendors from whom I purchase give me a invoice which does not reflect VAT component separately, but they have TIN no on their bills
Can I claim input credit ?
11 July 2015
As per new amendment, In put vat can claim only when there is TAX Invoice i.e. VAT tin no of both parties must be mention, VAT Declaration and criteria as per VAT rules.
In your case if the party not shown VAT Amt separately then thats means this party are under Compensation scheme so you are not in position to take input tax credit.
Contact party and confirm about he is in Composion scheme or regular scheme. If he is in composion scheme then you will not able to claim input credit but if he is in Regular scheme then please tell party to correct the bill and send it again.
Hope your queries solved!!!
Regards
Sandeep Jadhav
In your case if the party not shown VAT Amt separately then thats means this party are under Compensation scheme so you are not in position to take input tax credit.
Contact party and confirm about he is in Composion scheme or regular scheme. If he is in composion scheme then you will not able to claim input credit but if he is in Regular scheme then please tell party to correct the bill and send it again.
Hope your queries solved!!!
Regards
Sandeep Jadhav
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