Input Credit of VAT

the amount of vat credit that can be availed will be based on the bill given by the supplier. hence wat amount of Vat is reflected in your bill as being paid will be the amount that can be availed.

Yes  u r getting the 100 % vat credit as  the seller party had paid 100% vat to ther department , if everything is as per rules

As per VAT rules related to Input Vat Credit, full credit is available if following conditions are fulfilled:

1. "TAX INVOICE" is printed on purchase invoice
2. VAT amount is shown separately
3. VAT TIN of supplier is mentioned

It needs to be verified that the purchase transaction is not covered in the negative list & there is no provision related to reduction of VAT credit.

In ur case, prima facie, u can claim Rs. 48/- as Input VAT credit as the supplier has collected VAT of Rs. 48/- & is giving subsidy after collecting VAT.

Hi,

Material used for construction purpose ( Material Like Cement and steel) for a Hotel is eligible to get Put Credit.

the Company belongs to Constrution.

thanks & Regards,

Sarada

Hi Sarada,

Certainly, the VAT paid on purchase of material for construction purpose can be taken as input tax credit.

DEAR GAURAV,

FIRST QUESTION IS THAT WHETHER VAT AMOUNY IS WRITTEN ON INVOICE OR NOT IF YES, TAKE FULL CREDIT IRRESPECTIVE OF SUBSIDY

SECOND IF VAT AMOUNT NOT WRITTEN ON INVOICE PL CHECK

IT MAY BE TAX EXEMPTED OR SELLER WILL BE UNDER COMPOUDING SCHEME

IN THIS CASE YOU CAN NOT TAKE ITC AND CAN WORK OUT ITC 1248/SOME %

1)it is compulsoru to mention vat sepeartly in invoice ? 

2) can we take credit of input vat (when purcahse  bill is inclusive of vat)

whether VAT Input credit can be availed on purchase of items used for staff welfare

ex: Prchase of Tea Bags

Can i avail VAT credit for purchase of UPS

Can we avail VAT credit on purchase of UPS for company

Input credit is available only on the materials purchase which is directly related with cost of goods sold. It means input credit is not available on selling/advertising/adminstrating or any expenses which shows in P&L A/c. However, in some cases, input credit is also avaiable in capital goods.

You may have to look at your local VAT laws.

However in my view the VAT on UPS would be available as it is required for operations/ sales and is essential in India considering the pathetic state of the electricity boards and apathy of the central govt.

whether purchases from outside India allowable input tax credit .

Respected sir/madam,

I made an invoice in the month of April 2012, in which i made a mistake of calculating VAT amt. ie. i have charged Rs. 100 instead of Rs. 80. and i have paid the amt. Can i avail credit of the excess amt now? If yes then how.