what is URD Purchases? If we do purchases for wavier, then how to account it as "purchases" as they don't provide us purchase bill? How can we generate self purchase bill? Pls answer this query according to "karnataka value added tax act"

whether car is eligible capital goods to claim input tax credit if no what is the accounting treatment for input tax & output tax on Purchase & sale of car

hello sir/mam,

i m purchasing some material inclusive of vat and thereon an amount of subsidy is also given by the suplier.

i want to know that whather should i take the whole input VAT credit or propotionate VAT on material cost after subtracting the subsidy theron?

e.g.
material cost 1200
VAT theron 48 (@ 4%)

total price 1248

let subsidy 624

net amount payble to suplier 624

now i have two opinion.
1:-

Input VAT credit will be 24 {i.e.(1248-624)*0.04/1.04}

and the second one:-
Input VAT credit will be 48 {i.e.(1248*0.04/1.04} means the whole Input VAT.

what should i do???

Sir,

We are producing Refined oil & purchased goods from exempted unit(PSI-1993).

Exempted unit raised invoice upon us, without charging VAT, in that case whether we can claim a VAT SET OFF.

If yes, what is the procedure.

XYZ dealer located at Pune, Maharashtra, purchases goods from PQR Chennai, Tamilnadu with 2% CST . Same goods are resale to ABC Thane, Maharashtra. In this case while reselling the goods which sales tax is applicable, whether VAT or CST? In this transaction goods are directly deliverd from Chennai to Thane & Invoiced to Chennai to Pune .

with reference to Delhi Vat and U.P. Vat,input credit in respect of Spares of Machinery which are charged off to P/L A/c will be allowed whether in one year or Three year?

SIR ,MY CLIENT HAVE LOCAL PURCHASE INPUT TAX CREDIT ,NOW HE IMPORT (HIGH SEA PURCHASE) ,THIS ABOVE GOODS SALE TO LOCAL SALES AND INTER STATE SALES AND TAX LIABLITY OF THIS SALES GOODS CAN BE SETOFF AGAINST INPUT TAX CREDIT OF LOCAL PURCHASE.

IMPORT PURCHASE GOODS TAX LIABILITY STATEMENT
TAX LIABILITY OF LOCAL SALES = 4%
TAX LIABILITY OF INTER STATE SALES = 2%(C FORM)
----
TOTAL 6%
THE ABOVE TAX LIABILITY OF IMPORT GOODS CAN BE SET OFF OR NOT AGAINST LOCAL PURCHASE INPUT TAX CREDIT PLS PLS PLS PLS CLARIFY SIR

I WANT TO KNOW WHAT IS THE DOC. REQUIRED FOR REGISTRATION IN DELHI VAT AS WELL AS CENTRAL SALES TAX? HOW MANY DAYS TO BE REQUIRED FOR GETTING CERTIFICATE? WHAT IS THE PROCESS FOR REGISTRATION?

PLZ SOVE DEARS

For calculating Tax liability in Form 704 (Maharashtra) can we take set of between CST 12.5% (Unregistered dealer) with CST 3% (registered dealer).


Thanks in Advance.

Thanks & Regards.
Mahendra

Please provide your inputs respect of reversal of Cenvat credit, availed on capital goods, at the time of retirement of asset: Case1: Capital Asset (useful life 4 years) is retired within 1 year of its acquisition? Case2: Capital Asset (useful life 4 years) is retired after 2 years but less than 4 years? Case3: Capital Asset (useful life 4 years) is retired after its useful life i.e. 4 years? As per second proviso of Rule 3(5) of Credit Rules: "Provided also that if the capital goods, on which CENVAT Credit has been taken, are removed after being used, the manufacturer or provider of output service shall pay an amount equal to the CENVAT Credit taken on the said capital goods reduced by 2.5 per cent for each quarter of a year or part thereof from the date of taking the Cenvat Credit". What will be impact of this proviso in above mentioned cases?