Vat
This query is : Resolved
07 April 2012
Due to a fire some stock on which vat was paid gets destroyed. Can the seller claim input tax credit on such destroyed goods?
thanks
thanks
08 April 2012
The imput credit is always given or taken on sale of goods. Since there is no sale of goods you cannot take set off at present but in future you can take when you show sale of other goods.
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09 April 2012
As per Mah. VAT Act the input credit is available on purchases of goods as per rule 52 which reads as under -
Claim and grant of set-off in respect of purchases made in the periods commencing on or after the appointed day.—
Description : (1) In assessing the amount of tax payable in respect of any period starting on or after the appointed day, by a registered dealer (hereinafter, in this rule, referred to as “ the claimant dealer”) the Commissioner shall in respect of the purchases of goods made by the claimant dealer on or after the appointed day, grant him a set-off of the aggregate of the following sums, that is to say,-
(a) the sum collected separately from the claimant dealer by the other registered dealer by way of " tax " on the purchases made by the claimant dealer from the said registered dealer of goods being capital assets and "goods the purchases of which are debited to the profit and loss account or, as the case may be, the trading account"
(b) tax paid in respect of any entry made after the appointed day under the Maharashtra Tax on the Entry of Motor Vehicles into Local Areas Act, 1987, and
(c) the tax paid in respect of any entry made after the appointed day under the Maharashtra Tax on the Entry of Goods into Local Areas Act, 2003.
Credit for input tax is available on purchase but not on sale of goods, kindly clarify.
Claim and grant of set-off in respect of purchases made in the periods commencing on or after the appointed day.—
Description : (1) In assessing the amount of tax payable in respect of any period starting on or after the appointed day, by a registered dealer (hereinafter, in this rule, referred to as “ the claimant dealer”) the Commissioner shall in respect of the purchases of goods made by the claimant dealer on or after the appointed day, grant him a set-off of the aggregate of the following sums, that is to say,-
(a) the sum collected separately from the claimant dealer by the other registered dealer by way of " tax " on the purchases made by the claimant dealer from the said registered dealer of goods being capital assets and "goods the purchases of which are debited to the profit and loss account or, as the case may be, the trading account"
(b) tax paid in respect of any entry made after the appointed day under the Maharashtra Tax on the Entry of Motor Vehicles into Local Areas Act, 1987, and
(c) the tax paid in respect of any entry made after the appointed day under the Maharashtra Tax on the Entry of Goods into Local Areas Act, 2003.
Credit for input tax is available on purchase but not on sale of goods, kindly clarify.
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09 April 2012
Prakash ji,
Firstly, thanks!!
Secondly, is there any online link for Mvat act?
Firstly, thanks!!
Secondly, is there any online link for Mvat act?
09 April 2012
You can have look for M Vat Act and Rule and allied Acts at "mahavat.gov.in" On this site you will find all the informations.
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