Vat input credit

This query is : Resolved

sathya achar (Querist)
Follow

14 March 2014 Hi.,
Iam Purchasing items for 14.5% & 5.5% (Input).. And output bill made uniformly 5.5%.
In this case can i claim 14.5% for input credit?

Anand Dad

Anand Dad (Expert)
Follow

14 March 2014 Yup.........

You can.

Anand Dad

Anand Dad (Expert)
Follow

14 March 2014 These purchases should be from registered dealers

Upgrade to CAclubindia Pro. Subscribe Now!

Anand Dad

Anand Dad (Expert)
Follow

14 March 2014 and should be eligible to take the input tax credit

sathya achar

sathya achar (Querist)
Follow

14 March 2014 But my query is ,
Let say., Purchase for Rs. 1,00,000/-
(14.5% - Rs 50,000 & 5.5% Rs 50,000)
Input tax is Rs.7250+2750= 10,000

And sales made for 3,00,000/-. Output Vat (5.5%) Rs. 16500.

Vat payable= Output-input
= 16,500-10,000
= Rs.6,500.
Is it correct way to calculate Vat? C.T.Dept will accept it?

Anand Dad

Anand Dad (Expert)
Follow

14 March 2014 yup.......

You are going correct.

Anand Dad

Anand Dad (Expert)
Follow

14 March 2014 whats the query in it?????????

sathya achar

sathya achar (Querist)
Follow

14 March 2014 Govt get less no.?
For say,
Output 3,00,000*14.5% = 43,500.
And less Input Cr = 10,000
Vat payable will be = 33,500/-.

Upgrade to CAclubindia Pro. Subscribe Now!

Anand Dad

Anand Dad (Expert)
Follow