24 December 2011
SIR WE ARE MANUFACTURING CPMPANY WE HAVE PAID VAT FOR PURCHSE OF RAWMATERIALS. THE SALE OF FINISHED GOODS ARE EXEMPCTED . SO WE ARE NOT COLLECTED VAT (OUTPUT), MY QUESTION INPUT CREDIT ARE AVAILABLE ? AT PRESENT WE ADDED INPUT VAT ADDED TO PRODUCT COST.
26 December 2011
Input vat can be availed only for the goods which are taxable as output, in such case product is not taxable than u cant booked the credit, hence it will be from part of Product cost.
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