Amount of input tax
This query is : Resolved
17 June 2017
if a trader has a stock of items as on 01.07.17
which he has received as per following
value of item= 10000
excise@2%= 200
Vat@5%=510
total value= 10710
How much input he can avail if the rate of gst on item is 12 %.
Kindly help me ...
which he has received as per following
value of item= 10000
excise@2%= 200
Vat@5%=510
total value= 10710
How much input he can avail if the rate of gst on item is 12 %.
Kindly help me ...
17 June 2017
Hi Gurwinder,
You will get ITC of VAT Paid via balance of VAT in your last VAT return you file. Further, invoice as you mention which shows Excise Duty paid separately. Therefore, I assume that you purchase goods directly from manufacturer and have excise duty paid document, therefore you will get the ITC of Excise paid as mention on said document
You will get ITC of VAT Paid via balance of VAT in your last VAT return you file. Further, invoice as you mention which shows Excise Duty paid separately. Therefore, I assume that you purchase goods directly from manufacturer and have excise duty paid document, therefore you will get the ITC of Excise paid as mention on said document
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