29 August 2009
May i know that whether input tax credit is available on entry tax tax paid by the buyer ? If yes, Plz quote the relevant section of the act .. Thanks !!
29 August 2009
Yes input tax credit is available on entry tax on the basis of the following rule.
As per Rule 52(1)(b) of the MVAT Rules, tax paid in respect of any entry made after the appointed day under the Maharashtra Tax on the Entry of Motor Vehicles into Local Areas Act, 1987 is available for set off.
and
As per Rule 52(1)(c) of the MVAT Rules, the tax paid in respect of any entry made after the appointed day under the Maharashtra Tax on the Entry of Goods into Local Areas Act, 2003 is available for set off.
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