Swathi (Student) (66 Points)
26 October 2010hi frnds..
i dont have much idea of VAT and though i surfed i couldnt find any solution...plss help
my dad's accounts have been called for a VAT audit...my dad has claimed exemption on sales to SEZ and the officer has told that input tax credit on purchases cannot be claimed in the year of sale of claiming exemption on SEZ sales....
Rajesh Kumar. C
(Sr.Consultant - Indirect taxes)
(40 Points)
Replied 26 October 2010
Hi Swati,
VAT laws are State specific and cannot be replied with a generic provision.
To my knowledge, most of the States treat sale to SEZ units as "Zero rated" and provide for refund of Input Tax credit to the dealer making such sale, on par with physical exports out of India.
Rgds,
C. Rajesh Kumar
CAclubindia
