09 April 2009
An assessee purchases raw material on which he has to pay vat of 15%, however the finished product is exempt from vat, is assessee liable to take TIN number ? and if he takes tin number than can he claim refund of vat paid by him on raw materials ?
01 June 2009
Unless u have TIN No u cann't file return for refund. but if your finish good is exempt from tax under sec 5 (2), u r not eligible for Tax credit.
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