Input Credit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 January 2011
IF an item is being sold at loss for eg buying price @ 100 vat input 5% Rs 5 ,but sold at 90 vat output Rs 4.5,what will be input credit ,Rs 5 or will be restricted to Rs 4.5 ,any difference in case dealer is dealing in say 20 items some sold at loss ,some at profit ,but overall there is a profit sale .
13 January 2011
Input credit is allowed on total tax payble. It is not calculted on the basis of itemwise tax.
13 January 2011
Fully agree with CA. Shailesh
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
