Vat
This query is : Resolved
24 November 2012
Best wishes of the day,
please tell me,when a manufacturer purchases raw material and he used these for the purpose of manufacturing of exempted goods under VAT, is he avail ITC?
please tell me,when a manufacturer purchases raw material and he used these for the purpose of manufacturing of exempted goods under VAT, is he avail ITC?
24 November 2012
No he cant avail ITC as he is using it for the production of exempted goods.
29 November 2012
ITC will be available for purchases of raw material, if mgf. goods are tax free goods (0% Tax) there will be reduction u/r. 53(2), otherwise full set off will be available.
Goods exempted from tax does not mean the tax free goods, exemption is to unit from payment of tax.
Goods exempted from tax does not mean the tax free goods, exemption is to unit from payment of tax.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Is online PGCE worth it?
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
