Wrong input tax credit
This query is : Resolved
12 December 2011
Dear experts,
Suppose the assessee has taken the Input VAT credit from a regular TAX INVOICE on which VAT TIN number is printed also VAT amount is sepretely Charged.
But later on discovered that that TIN number is wrong.
Then in this case we have to reverse the VAT credit or What to do ?
If yes, then how can we trace all the suppliers TIn number, befor taking VAT credit.
Suppose the assessee has taken the Input VAT credit from a regular TAX INVOICE on which VAT TIN number is printed also VAT amount is sepretely Charged.
But later on discovered that that TIN number is wrong.
Then in this case we have to reverse the VAT credit or What to do ?
If yes, then how can we trace all the suppliers TIn number, befor taking VAT credit.
13 December 2011
a purchaser is not suppose to liable to verify the validity of sellers TIN no. if he is having a VALID TAX INVOICE issued by seller, he can claim the input VAT credit subject to limitations under section of State VAT Act.
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