29 June 2011
A Co whose bussiness is just aquaculture & not processing the fish. they just cultured the fish & sold to other companies so whether Vat will be applicable on that sale or not?
The above ans may be NO. then in that case what about Vat credit received on Material rece by the company like printing & Stationary & other can they claim refund of such vat credit or they have to exp out that vat amt?
29 June 2011
Mr.Gaurav, No VAT is applicable on sale of fish.Several fish feeds,fish seeds,fish medicines are also exempt in many States. The VAT paid on purchases of items not used in resale or production of any taxable goods also can not be claimed back. Hence none of the VAT paid on the above goods can be refunded. As they are dealing in only exempted goods there is no need for any VAT return or even a registration. MJK
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