Vat
PARTH (Chief Accountant) (29 Points)
29 December 2016
I have purchased 2 Vehicles for my business purpose. Can i claim Vat of the same wjile claimg refund?
7 Replies
Swati
(EXECUTIVE-GST)
(299 Points)
Replied 29 December 2016
may i know wats the nature of ur business?
PARTH
(Chief Accountant)
(29 Points)
Replied 29 December 2016
WE ARE INTO MANUFACTURING PROCESS AND TWO VEHICLES (LORRY CUM TRUCK) WILL BE SOLELY USED FOR BUSINESS PURPOSE.
Swati
(EXECUTIVE-GST)
(299 Points)
Replied 29 December 2016
Credit is available in respect of capital goods only if used in maunfacture or processing like plant and machinery,eqipments etc.
Also,Credit is only allowed in case purchase is made in same state.
And Credit is spread over 3 financial years and not in the first year itself.
Hope u got ur answer.
PARTH
(Chief Accountant)
(29 Points)
Replied 29 December 2016
SHOULD i ask For retail Invoice or tax Invoice?
Swati
(EXECUTIVE-GST)
(299 Points)
Replied 29 December 2016
Retail invoice is OBVIOUSLY BETTER IN UR CASE BUT IT IS ISSUED TO ONLY UNREGISTERED DEALERS/ PURCHASERS.
PARTH
(Chief Accountant)
(29 Points)
Replied 29 December 2016
To sum up all..... I cant claim Vat Refund on vat paid on these vehicles purchase at the time of filling Vat Return and I should ask for Reatail Invoice from the dealer.
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