LOCAL PURCHASE INPUT TAX CREDIT UTILISED FOR IMPORT SALES GO
This query is : Resolved
22 November 2008
SIR ,MY CLIENT HAVE LOCAL PURCHASE INPUT TAX CREDIT ,NOW HE IMPORT (HIGH SEA PURCHASE) ,THIS ABOVE GOODS SALE TO LOCAL SALES AND INTER STATE SALES AND TAX LIABLITY OF THIS SALES GOODS CAN BE SETOFF AGAINST INPUT TAX CREDIT OF LOCAL PURCHASE.
IMPORT PURCHASE GOODS TAX LIABILITY STATEMENT
TAX LIABILITY OF LOCAL SALES = 4%
TAX LIABILITY OF INTER STATE SALES = 2%(C FORM)
----
TOTAL 6%
THE ABOVE TAX LIABILITY OF IMPORT GOODS CAN BE SET OFF OR NOT AGAINST LOCAL PURCHASE INPUT TAX CREDIT PLS PLS PLS PLS CLARIFY SIR
IMPORT PURCHASE GOODS TAX LIABILITY STATEMENT
TAX LIABILITY OF LOCAL SALES = 4%
TAX LIABILITY OF INTER STATE SALES = 2%(C FORM)
----
TOTAL 6%
THE ABOVE TAX LIABILITY OF IMPORT GOODS CAN BE SET OFF OR NOT AGAINST LOCAL PURCHASE INPUT TAX CREDIT PLS PLS PLS PLS CLARIFY SIR
24 November 2008
HE HAS TAKEN POSSESSION OF THE GOODS IMPORTED. NOW HE MAKES LOCAL AS WELL AS INTERSTATE SALE.
OUTPUT TAX THAT MAY ARISE AS A RESULT OF LOCAL AND INTERSTATE SALE CAN BE SET OFF AGAINST LOCAL PURCHASE INPUT TAX CREDIT AVAILABLE.
OUTPUT TAX THAT MAY ARISE AS A RESULT OF LOCAL AND INTERSTATE SALE CAN BE SET OFF AGAINST LOCAL PURCHASE INPUT TAX CREDIT AVAILABLE.
26 January 2009
Yes, Input tax credit on Local Purchases
can be set-off against output VAT or
CST liability.
can be set-off against output VAT or
CST liability.
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