Input Tax Credit
This query is : Resolved
14 March 2011
we are using 12.5% taxable raw material for making of machinery which taxable at 4 % my question is that can we avail 12.5 % input tax fully in relation with 4 % sale as per VAT
14 March 2011
yes. You can avail credit of VAT paid against VAT payable irrespective of the fact that rates are different. Hence, you can avail credit of 12.5% VAT paid to 4% VAT payable.
14 March 2011
You can use 12.5 % of Input against 4 % of output tax and it is a greated mechanism of VAT
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