Can we claim entry tax paid for purchase of spares amd machinery items paid under VAT Act , the input tax credit.?
If yes under which section.please clarify.
thanks and regards
rama/ramesh (service) (55 Points)
25 October 2011Can we claim entry tax paid for purchase of spares amd machinery items paid under VAT Act , the input tax credit.?
If yes under which section.please clarify.
thanks and regards
valji
(Accounts manager-MBA)
(2150 Points)
Replied 25 October 2011
you can take VAT credit over & above 4% of the tax ,if tax rate is 4% then credit is nil ,if tax rate is 12.5% then credit is 12.5%-4%=8.5%