whether vat credit is available or not?
This query is : Resolved
25 March 2011
We have imported machineries from china and made contract wih the company that they will send their highly skilled professionals for the term of 1year for producion of finished goods ready to despatch from their machinery installed. MY Query is what are the taxes applicable on such contract? They will raise their bill with 17%vat in Dollars on us, Is this vat can be taken as credit or not as we are manufacturing unit? please solve my query as it is urgent.Thanks & Regards.
25 March 2011
Input vat credit only on state purchase not other state or foreign.
25 March 2011
Is some procedure for recovery of such vat is there from foreign company/govt ?
26 March 2011
Mr. Ram is correct in this view, You can not claim the vat charged according to law of the country of exporter even if we presuppose that you were manufacturer. It is the liability of exporter to charged and deposited the vat tax according to law and practices in that country. So it is advisable to approach with the foreign company and clear the facts to them
26 March 2011
You can't take input VAT credit on purhcase from Out of state or Import VAT paid.
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