Question from vat

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 March 2012 Dear All,

I have two question regarding VAT,

1>In case of local purchase if consignment note from transporter is not available the input vat is disallowed ? Explain.

2> If nature of goods are added but informed for vat registration after 6 months, is input vat disallowed or penalized, explain.

PUNIT JAIN

PUNIT JAIN (Expert)
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07 March 2012 1. If you are in posession of a valid tax invoice ITC can not be disallowed on any other grounds.

2. you will be liable for penalty if any as per act for delayed submission of information to the department. however if you are having valid documents for sale and purchase of the goods, ITC can not be disallowed.