Dear all,
Ours is a service oriented unit and there is only service charges received in the p&L and there is no sales income. In this situation can we avail input vat credit on bills received by us, against output tax on sale of fixed assets
I hope my question is clear
can anybody clarify
Regards,
G.Kannan
Greetings to all,
I am newly opened and lubricating oil company. now i purchase a lubricating oil per ltr rs. 100 + vat(14.5%) rs.14.5 = 114.5 is the total purchase value. but my suppliers give me discount Rs.20 ltr. now i am selling to my customer rs. 90 + vat(14.5%) Rs.13.10 = total selling value = Rs. 103.10. now my question is i am selling the goods lesser then purchase value, can i eligible for take input tax, and if the same above transaction is continue then in future i got major itc excess amount in vat. that excess amount is refundable from tnvat or adjustable. please clarify.
regards
R.Saravanamoorthy
Greetings to all,
I am newly opened and lubricating oil company. now i purchase a lubricating oil per ltr rs. 100 + vat(14.5%) rs.14.5 = 114.5 is the total purchase value. but my suppliers give me discount Rs.20 ltr. now i am selling to my customer rs. 90 + vat(14.5%) Rs.13.10 = total selling value = Rs. 103.10. now my question is i am selling the goods lesser then purchase value, can i eligible for take input tax, and if the same above transaction is continue then in future i got major itc excess amount in vat. that excess amount is refundable from tnvat or adjustable. please clarify.
regards
R.Saravanamoorthy
Greetings to all,
I am newly opened and lubricating oil company. now i purchase a lubricating oil per ltr rs. 100 + vat(14.5%) rs.14.5 = 114.5 is the total purchase value. but my suppliers give me discount Rs.20 ltr. now i am selling to my customer rs. 90 + vat(14.5%) Rs.13.10 = total selling value = Rs. 103.10. now my question is i am selling the goods lesser then purchase value, can i eligible for take input tax, and if the same above transaction is continue then in future i got major itc excess amount in vat. that excess amount is refundable from tnvat or adjustable. please clarify.
regards
R.Saravanamoorthy
CAclubindia
