What is difference between input credi tax and vat
This query is : Resolved
28 July 2015
vat is collected by the state govt. is ITc(input tax credit) is also refunded by the state govt.or central govt. because ITC is deducted by the buyer while purchase.. if he purchased from gujrat or imported taxable goods.. so what will be the procedure.. please let me know..
Thanx in advance..
Regards..
-Ir@m
Thanx in advance..
Regards..
-Ir@m
28 July 2015
Itc is not separate from vat. if you buy product for your shop from registered dealer then they will raised tax invoice (if purchased is from local with in state) and by entering your purchase bill you will have ITC for that vat amount. It will setoff against your sales VAT.
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