Goods Purchased From Exempt Units.
This query is : Resolved
14 December 2007
Is it only for the manufacturers to sell the goods at exempt rates(due to their location) or can the reseller also sell the exempted goods at the exempt rates in tax zone???
14 December 2007
Which State?
In Assam- The exempted Industires are authorised to issue Tax Invoices. Exempted Industries deposits one percnt of VAT Payable and keep 99% with them.
Purchasing dealer gets full ITC on VAT charged against Tax Invoices by such exempted manufacturing unit. On resale they are liable for VAT at applicable rate.
However, one restrition has been imposed recently, that reseller of such goods will be debarred from ITC against sales made in course of inter state trade & commerce.
In Assam- The exempted Industires are authorised to issue Tax Invoices. Exempted Industries deposits one percnt of VAT Payable and keep 99% with them.
Purchasing dealer gets full ITC on VAT charged against Tax Invoices by such exempted manufacturing unit. On resale they are liable for VAT at applicable rate.
However, one restrition has been imposed recently, that reseller of such goods will be debarred from ITC against sales made in course of inter state trade & commerce.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
