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Vat

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(Querist)
03 September 2012 can the input tax credit @(for e.g)5% be used to set off output tax @(for e.g)14.5%?
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Ahamed

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Ahamed (Expert)
04 September 2012 Yes, there is no(percentage) limit on setting of Input Tax Credit against the Output Tax.


The Maximum amount you can set off Input Credit is to a limit of Output Tax payable and the balance can be carried forward.
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vishwash agarwal

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vishwash agarwal (Expert)
04 September 2012 Yaa

You definately can



Thanx & Regards

Vishwash Agarwal
MN : 7666515328
Mail ID : samadhan.vish@gmail.com
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nisha

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nisha (Querist)
05 September 2012 thanks... but y then in companies they maintain Input tax credit a/cs with different percentages? This is a TN VAT issue..

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