VAT refund matter
This query is : Resolved
08 November 2008
I have filed my Q2 2008 returns with VAT dept.
I have made purchases in Local and made export sales that known Central.
My question is -:
When I make purchase of local - My input tax increases.
And when I make Export sale (Central) I have valid for the claim on the output ?
Also, when I buy goods from the local market with description as "Hamam Soap" and when I export I mention "Soaps".
Will this affect my refunds ?
I have made purchases in Local and made export sales that known Central.
My question is -:
When I make purchase of local - My input tax increases.
And when I make Export sale (Central) I have valid for the claim on the output ?
Also, when I buy goods from the local market with description as "Hamam Soap" and when I export I mention "Soaps".
Will this affect my refunds ?
08 November 2008
Ok.
Could it be more clear Mr Vinod.
I am new in Business and require helps of experts like you guys.
Could it be more clear Mr Vinod.
I am new in Business and require helps of experts like you guys.
08 November 2008
The VAT can be set off against the local sales, what is the difficulty?
08 November 2008
Yes, VAT is only chargeable on local sales.
What I meant is, the dept is not related to the description of the goods ?
Because like I explained earlier, I buy Hamam soaps with VAT paid local Delhi purchase.
And I export with description only as "Soaps"
Because this is what I exported and just have a confusion.
What I meant is, the dept is not related to the description of the goods ?
Because like I explained earlier, I buy Hamam soaps with VAT paid local Delhi purchase.
And I export with description only as "Soaps"
Because this is what I exported and just have a confusion.
08 November 2008
One to one relation is not necessary to claim input tax credit. This is the basic principle of VAT irrespective of the state you belong. In otherwords input tax of 'Hamam soap' can be set off against the tax payable on 'Soap'.
09 November 2008
Thank you guys.
For now you have solved my query.
When I need more on this I will call you all again.
Thanks you
Regards,
Sudhanshu
I have rated you all.
For now you have solved my query.
When I need more on this I will call you all again.
Thanks you
Regards,
Sudhanshu
I have rated you all.
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