Vat querry

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