Input tax credit on karnataka vat

rama/ramesh (service) (55 Points)

24 October 2011  

 

For following purchases we can claim full input tax credit please clarify

Purchases                                                   tax

Interstate purchases     2%     200000.00       4000.00 rs

Local purchases               5%    500000.00    25000.00 Rs

Local pur                       13.5%   800000.00  108000.00 Rs

 

Sales

Local Sales                     5%      200000.00    10000.00 Rs

Local Sales               13.5%     400000.00      54000.00 Rs

Inter state Sales       2%         3,00,000.00      6000.00

Stock transfer                        400000.00

Upto what amount input tax eligible

Thanks and regards