Dear Experts in TNVAT
I need clarification regarding claiming input credit on purchases, this business has been started on 14 th feb 2010, and purchased 4% taxable goods for Rs.15 Laks, and Sales 4% taxable goods for Rs.8 Lakhsupt to 31- March 2010. Till this date Vat returns are not submitted. Am I eligible to input credit, and what is procedure to claim input credit as per TNVAT Act. and now, If i file the vat returns for the period from feb 2010, is any penalty or proceedings will apply or not ? pls clarify with reference of TNVAT Act or case laws.
main question is: Am I eligible to input credit / claim input credit or carry forward input credit for the year 2010-11 ?
CAclubindia
