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Vat exemption

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 April 2012 We are paying VAT at 5%, being restaurants having discounted rate. As we are paying at discounted rate can we avail set off of Gas cylinders? This is the abated rate of VAT i.e. 5%, so can we take set off of Gas cylinders on this VAT paid?
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
09 April 2012 No, you are not eligible for input tax credit.
You are opting for composition scheme, hence no set off is allowed.
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Mihir Doshi

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Mihir Doshi (Expert)
09 April 2012 Agree with Expert.

Under Composition Schme, Dealer can not utilised any VAT Credit
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