Input Tax Credit
This query is : Resolved
13 August 2008
This is rajesh working in sugar industry in Andhrapradesh.
i have some doubts relating to input tax credit eligible on purchase of machinery spares and lubricants and other purchases made by the company.
we are selling sugar, molasess, bagasse and waste iron scrap.
sugar exempted product
Bagasse 4% Tax
iron scrap 12.5% Tax
we are purchasing goods at 4% and 12.5% tax rates
Example:
Sugar Sales 1,00,00,000
Bagasse sales 5,00,000
Scrap sales 2,25,000
input tax paid
Tax paid on 4% purchases 34,225
Tax paid on 12.5% purchases 45,789
How much input tax credit can be availed (elibigle for me)
i have some doubts relating to input tax credit eligible on purchase of machinery spares and lubricants and other purchases made by the company.
we are selling sugar, molasess, bagasse and waste iron scrap.
sugar exempted product
Bagasse 4% Tax
iron scrap 12.5% Tax
we are purchasing goods at 4% and 12.5% tax rates
Example:
Sugar Sales 1,00,00,000
Bagasse sales 5,00,000
Scrap sales 2,25,000
input tax paid
Tax paid on 4% purchases 34,225
Tax paid on 12.5% purchases 45,789
How much input tax credit can be availed (elibigle for me)
13 August 2008
if ur company purchases these material from a dealer with in the state then ur company can claim input tax credit of Rs.48125/-(500000*4% + 225000*12.5%) and carry forward the balancing amt of Rs.31889/- (34225+45789-48125)to next period
13 August 2008
yes it will be like this.
14 August 2008
You Can Take the Whole Input of 4% as well as 12.5% because in Vat there is no one to one Relation to be maintained but the purchase and sale must be in same state
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