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input tax credit
please any one tell that we are the manufacturer of non taxable goods and our raw material is taxable. what is the tax procedure for us. can we claim tax benefit on taxable raw matrial or not.
Replies (3)
hello sir,
input on raw material can be claimed only when, our output is taxable to tax,
Even input claim can be taken if, output is charged at 0%, but cannot be claimed if it is Tax Free
CA Shubham Gupta
9968983550
sir thank you for your opinion.
but 0% is also tax free.
one more thing that if we cannot claim input then it will increase our cost.
but 0% is also tax free.
one more thing that if we cannot claim input then it will increase our cost.
sir,
most of us mix 0% tax and exempt , these both are seperate as per law,
and yes you rightly said that your costing will increase.
i am attaching DVAT list, if your item is under exempt list, then no credit will be available
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