Dear All,
One of the my client is manufacturer of Rakshabandhan (Rakhi) but as per Maharashtra value Added Tax Rakshabandhan (Rakhi) is totally tax free item, but raw material of Rakshabandhan is not tax free like metal and other goods,
My question is:-
1) Can we take MVAT registration under compulsory scheme after giving sales invoices of Rs. 500000/ and Taxable Purchase invoice of Rs. 10000
2) Can we claim for refund what ever MVAT we are paying for purchases of Raw materials
Please kindly advise
CAclubindia
