vat return query

IF THE INPUT VAT IS MORE THAN THE OUTPUT VAT, THEN THE DEALER WILL CLAIM A REFUND.

YOU JUST HAVE TO MAKE A VAT COMPUTATION STATEMENT SHOWING THE FOLLOWING INFORMATION:-

ASSESSABLE SALE VALUE 

VAT ON THE SALE

ASSESSABLE PURCHASE VALUE 

VAT ON PURCHASE

AND THEN, FLL THE ABOVE INFORMATION IN THE VAT RETURN AND IF YOUR INPUT IS MORE THAN OUTPUT, THEN YOU CAN CLAIM REFUND.

REGARDS,

DEVENDRA

Thanks.. can we adjust whole input credit against our output tax liablity as these were also used in sales made in course of export... Plsss Explain??

FOLLOWING TRANSACTIONS ARE NOT ELIGIBLE FOR INPUT TAX CREDIT:-

(a) Sale of exempted goods

(b) purchase of goods from outside the State

(c) goods purchased in the course of business, but used for

personal facility of proprietor, partner or director

(d) goods damaged in transit

(e) goods stolen, destroyed or lost

(f) goods sold in the course of inter-state sale without support of C

form

(g) goods transferred to outside the State for sale either by branch

or agent without support of Form F

(h) goods returned

REGARDS,

DEVENDRA

Sale of Exempted goods is mandatory to be mention in VAT Return?