Input tax credit
This query is : Resolved
10 December 2012
sir,what is input tax credit and please explain with example. thanks in advance
10 December 2012
please see the following link See220.227.161.86/18948sm_finalnew_idtl_service_cp8.pdf
11 December 2012
Suppose you are a shopkeeper and you have bought the goods and paid vat of Rs. 50,000 on purchase. Now at the time of sale,suppose you have vat liability of Rs. 75,000. In such case You will make net payment of vat of Rs. 25,000 (75,000-50,000). Hence vat paid at the time of purchase is available as input credit and can be set off against your vat liability. Similar concept is applied in case of service tax and excise. Hope you understood.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
