Input tax credit disallowance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 June 2012
We have a client firm which trades in commodities like Cotton seed, oilcake, Jeera,etc. Sales price in respect of all these commodities has remained lower than the purchase price throughout the F.Y. 2011-12. Their VAT consultant has stated that ITC on such items will be disallowed due to above-mentioned reason, hence they have not claimed it.
Whether this is correct with context to VAT law?
Whether this is correct with context to VAT law?
29 June 2012
logically if we go as per concept of VAT (Value Added Tax), dis allowance seems fair.
since Tax has to be paid on Value addition part, and rest is available for set off with ITC, in said case no value addition is there therefore no extra liability arose.
normally VAT law says when u have no liability on output, ITC not available.
i feel in said case disalloawnce is fair.
since Tax has to be paid on Value addition part, and rest is available for set off with ITC, in said case no value addition is there therefore no extra liability arose.
normally VAT law says when u have no liability on output, ITC not available.
i feel in said case disalloawnce is fair.
14 August 2012
Dear Author, which STATE the query pertains to?
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 November 2012
Dear Sir, please let me know if the state name will make any difference to the concept of VAT.
The query pertains to the state of Gujarat.
The query pertains to the state of Gujarat.
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