Hi,
If VAT has been paid on consumables(Petrol/Diesel for running the for production) can we adjust the amount of VAT from the VAT of end product or in case of export can we claim for the refund for the VAT paid on consumables ?
Please reply with the reference books /circulars/law
Thanks
You cannot claim input tax credit on consumable (Petrol / Diesel).
In Case of Work Contract we Deduct all Consumable Amount From Gross Revenue and Charge Vat on Net Revenue. So we do not Take Input on it Because we take Whole Amount as a Deduction
hi,
AN molding manufacturer able to take vat tax input for mold spares-consumables ? please suggest
VAT ON PETROLEUM PRODUCT / LIQUER ARE IN NEGATIVE LIST YOU CANT TAKE INPUT CREDIT ON IT.
REGARDS
SANDEEP
Abic and Mani Chartered Accountants
Kottayam
B.Com
View Details
CCI
Pro
CAclubindia
