Exam
This query is : Resolved
05 June 2014
goods purchased within state@4% vat and sold within state @ 0% vat
is input tax credit available
is input tax credit available
05 June 2014
if output good is exempted from sales tax, then ITC is not admissible, but if rate of tax is 0% for eg goods are exported or deemed export then ITC is admissible.
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05 June 2014
if nothing is given about export or exemption then also input tax credit is admissible
06 June 2014
ITC is admissible only in the case direct export or sale in the course of export(H form sale).In all other instances ITC can not be claimed.....mjk
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10 June 2014
simple logic of ITC is, if ur output is taxable, even tax rate is 0%, ITC is admissible. but is output item is exempted, no ITC.
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