I have started trading of biomass products for which there are no other taxes applicable other than VAT (I guess so)...
Now my querry is whatever VAT I am paying to the manufacturer is less than the tax amount paid to me by my customer..so is that difference in tax amount my profit?..if not what is to be done with it?
Niraj Sir
Firstly if u are collecting VAT it means u are a registered dealer and must have a TIN no.
And if that is so u should also know that u have to file VAT return mandatorily.
VAT belongs to state government and can never be your income..
excess tax is to be paid to state and file VAT return accordingly taking Input VAt credit paid on puchases (manufacturer in your case)
Ok...thanks a lot for quick and apt response
Hii..
one more issue...the trading business i am talking about is a partnership entity with vat, cst registration done..is the VAT no. linked to my PAN no.? because when i try to register on MVAT website it shows VAT no. is already registered with my PAN no.
now because of some issues i had to make a payment to one of my supplier from my own savings account rather than my firm's current account..so is there any way to claim the VAT credit?
CAclubindia
