30 November 2011
when v purchase through retail invoice, are we liable to pay vat ??? And if yes, it is allowable to take input tax credit ??? And when we doing e-filling why we only disclose tax invoice purchase or sales???
30 November 2011
Mr Taslim, All purchases are to be done through tax invoices, even the retail purchases,by paying VAT.Yes,input tax credit is allowable on retail purchases,subject to some conditions as set out in VAT laws.In e-filing also you have to declare both i.e.purchases against tax invoices and others viz:imports,interstate purchases and from unregistered dealers and also stock transfer receipts of goods.A dealer selling taxable goods should issue taxable invoices and collect VAT as per rules. MJK
30 November 2011
Mr. Taslim, An undertaking is an organisation engaged in a business or financial activity. URD means unregistereed dealer.OGS Don't Know. MJK
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