Whether vat set off can be claimed?
This query is : Resolved
11 October 2008
MR. A was running ice cream parlour. He sold the business to Mr. X in September 2007. He colleted Rs.85,000/- of Maharashtra VAT on total sale price of business and issued a tax invoice to that effect.
Mr. X was not registered under MVAT as on the date of sale. He took registration in the month of february only after he completed sale of Rs.5 Lacs.
In the above case can Rs.85,000/- vat paid on purchase of business can be claimed as set off. In my opinion since the dealer was not registered at that time he can not claim the set off.
Pls. guide me on above issue.
Mr. X was not registered under MVAT as on the date of sale. He took registration in the month of february only after he completed sale of Rs.5 Lacs.
In the above case can Rs.85,000/- vat paid on purchase of business can be claimed as set off. In my opinion since the dealer was not registered at that time he can not claim the set off.
Pls. guide me on above issue.
11 October 2008
Yes ,VAT can be claimed of after registration period
13 October 2008
Unfortunately, not in the state of Assam.
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
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Experts need help
- Rental income gst and it purpose
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- FTS Taxable under 115A
- Management System (IMS)
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
