18 June 2014
I'm selling a exempted items of imitation (bangles)& I do purchase of 5% & 1% vat then what would be the set-off for 5% &1%.If any reduction then for 5% &1% how much?????????????
18 June 2014
When you purchase for exempted item manufacturing or exempted item selling then you cannot avail set off of vat input. Vat input credit set off available only for selling of Vat items.
CAclubindia
