What is the actual amount that i have to be claimed

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 October 2014 Dear all,

I’m very confused and please suggest me how to solve the following issues:

I’m buying taxable goods 5% within the state for Rs- 1,00,000/- (i-e invoice amount Rs.1,05,000/-)

While filing monthly return I’m claiming input tax amount of Rs-5,000/-

While I’m repaying the amount getting 10% rebate for the early payment ( i-e 1,05,000 – 10,500 = 94,500)

My query, the actual amount to be claim Rs- 4,500/- but I claimed Rs-5,000/- how can I solve this problem.

Damodaran

Damodaran (Expert)
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23 October 2014 As per VAT act input can be claimed based on invoice, Since payment is irrelevant in vat act, you can claim 5000/-