An invoice contains the statement as not eligible for input tax. it means it is not eligible to take input or it implies other ? what does it mean
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 04 July 2016
It exactly means what it states. One of the reason I could think of is that there are certain class of items on which input tax credit is not available like petrol/diesel and other items specified in the schedule as per relevant state VAT Act. It seems the items fall under such a category and hence not eligible for input credit.
Saurav Bhattacharya
(9 Points)
Replied 04 July 2016
CAclubindia
