A manufacturing company buys some input item which is subject to VAT. A part of this input is used by the company in manufacturing a product which is not subject to VAT but to earlier Sales Tax. The company makes other products which are subject to VAT.

Now please provide your professional views on the manner in which the company shall compute the VAT credits that should be reversed for the product that is not under VAT. The company cannot do this on the basis of input/output ratio because that is complex and unascertainable.

What is the penalty for filing Belated VAT Return, If the turnover contains only exempted goods and nil tax is payable?

please give me the letter of authority specimen in word file under the VAT ACT . it is an urgent
thanks,

umesh

Ours is a 100% EOU registered under STP Scheme and operating from Feb 2005 in Karnataka. We are importing capital goods from different countries and would like to know whether this will attract Entry Tax under the The Karnataka Tax on Entry of certain Goods AND
under The Karnataka Special Tax on Entry of Certain Goods Act, 2004.

a company selling a used vehicle.is that sale liable for Vat

some gensets hiring people are charging 4 % KVAT on Rental Charges kindly clarify

One of my Client wants to open a Genset Rental Shop, that is giving Generator Sets on Hire, Kindly advice what he has to take whether Karnataka VAT or Service Tax

If Karnataka VAT is Applicable what is the Rate of Tax to be charged and if service tax is applicable what is the rate of Tax

Do i requied to get registered for MVAT if my annual turnover exceeds 10 Lacs and i am dealing in garments.

This is rajesh working in sugar industry in Andhrapradesh.

i have some doubts relating to input tax credit eligible on purchase of machinery spares and lubricants and other purchases made by the company.

we are selling sugar, molasess, bagasse and waste iron scrap.

sugar exempted product
Bagasse 4% Tax
iron scrap 12.5% Tax

we are purchasing goods at 4% and 12.5% tax rates

Example:

Sugar Sales 1,00,00,000
Bagasse sales 5,00,000
Scrap sales 2,25,000

input tax paid

Tax paid on 4% purchases 34,225
Tax paid on 12.5% purchases 45,789

How much input tax credit can be availed (elibigle for me)

we are claiming input tax according to A*B/C formula and i could not understand what to do with forgoing input tax towards branch transfer.. pL.advise