input tax credit
This query is : Resolved
10 October 2009
i find in the worked out examples no4&5 of tamilnadu vat act (WEB) in the note added that the input tax is not adjustable against vat collected by the seller & he is liable to penalty etc even when he is not registrable under the vat act as his turnover doesnot exceed the minimum. Is this correct?
10 October 2009
Yes the purpose is to increase compliance.
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