31 August 2009
Hi, I had a querry regarding certain aspects of VAT for Rajasthan. 1. Can we claim input tax credit if the purchases are made from an unregistered dealer in case of leasing and hire-purchase transactions.
Is there any other state where ITC can be claimed if purchases are made from unregistered dealer
2.Is there any composition scheme applicable for Hire purchase transactions for years prior to introduction of VAT.
3.Are we required to pay VAT on re-possessed assets sold in cases default by the customer.
31 August 2009
1. NO, qustion of input VAT never arrisen if purchase made from un-registered supplier because an un-registered supplier never charged VAT.
31 August 2009
For point no #1 that means that if i purchase from an unregistered dealer i will have to pay tax at the time of purchase @ 12.5% and again on installments @ 12.5 %.
CAclubindia
