Input tax claim
This query is : Resolved
13 February 2014
Dear sir,
Suppose the invoice shows the amount inclusive of all taxes then can we claim input tax of such invoice by bifurcation with amount.
Ex: Commodities Total amount 7500/-(inclusive of all taxes).
commodities (7500*5/100) = 7125=00
Tax @5% on commodities = 375=00
total = 7500=00
IS IT CORRECT ? AND CAN WE CLAIM INPUT TAX ?
PLEASE ADVISE US.
Suppose the invoice shows the amount inclusive of all taxes then can we claim input tax of such invoice by bifurcation with amount.
Ex: Commodities Total amount 7500/-(inclusive of all taxes).
commodities (7500*5/100) = 7125=00
Tax @5% on commodities = 375=00
total = 7500=00
IS IT CORRECT ? AND CAN WE CLAIM INPUT TAX ?
PLEASE ADVISE US.
17 February 2014
Normally, for availing ITC, tax amount must be mentioned clearly.
you must refer ur State VAT act.
you must refer ur State VAT act.
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