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Vat Input Credit
Hi can anybody clarift that, suppose my final product is tax free in that case Can I claim vat input credit i.e vat paid on material used for making the final product but final product is tax free. (Punjab Vat act applicable)
Replies (2)
no, you can't avail the benefit of input tax credit.
yes, if u go through the amendments made in rules in sept.2006 it seems one who is manufacturing/selling tax free goods or sending it on consinment may claim in put tax credit even without any retention
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