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Vat on gas (lpg & oxyg.)

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(Querist)
05 September 2011 Dear Sir,

We are the manufacturer of steel ingot. We use gas to finishing the products (to cut the endcutting of the ingot). Can we take credit of vat on purchase of the gas.
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Preety Parik

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Preety Parik (Expert)
05 September 2011
Yes, VAT can be claimed for credit however, if VAT is paid @ 5%, only 2% can be claimed for set off.
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rajneesh sharma

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rajneesh sharma (Querist)
06 September 2011 but the vat on gas @ 12.50%+10.00%. then what?
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
06 September 2011 Yes i agree with the experts
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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
08 September 2011 Mr R Sharma,
In Karnataka,VAT paid on purchases above 4% can be claimed as input tax credit.
MJK

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