As per the VAT, within state purchases of inputs
(some exception), input tax credit is avaiable and the same will be
account far against out put tax. My question is that
" if any input which is purchased with state for use in captive
power plant, shall input tax credit will be available or not????
Regards
Ajay Garg
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Input Tax Credit (ITC) under VAT
Replies (12)
As I understood, you are using the puchased goods in processing or selling of exempted goods or items which are out of the purview of goods (as per Assam VAT Act,electricity is not goods). Hence acordingly, I am of the opinion that no ITC is available in your case.
yes ofcourse as far as state of Chhatisgarh is concerned
Dear Ajay Garag,
in case of captive CPP you will get Input tax credit on input purchased within state
dear ajay !
Please mention ur state in question ??
from
Adv Naveen Khurana
can we claim cenvat credit for purchase of gold in tamilnadufor business promotion, if i m a registered with tamilnadu's VAT act
i m not doing trading of gold
dear all
kidnly clarify my doubt reg ITC for the following situation
company has two segments of its operations. 1 is manufacturing and trading 2. is purely trading.
at the time of VAT return submission, figures are being aggregated and submitted. however, we have encountered with the situation where our ITC for the trading division is proportionately reduced by applying A/B*C formula (applicable where company has both taxable and exepted turnovers).
is it necessorty to reduce the ITC available in trading division as per the formula applicable for manufacturing and trading division.
A factory can avail ITC on diesel / lubricants used for captive generation of power but a trader [except for traders in these comodities] is not given same treatment. For factory raise TAX invoice & for trader raise retail invoice.
Under Karnataka VAT, input tax of a bill of Feb 11, can be taken credit in the month of April/May 11 (Year & Quarter changes)? Pls. provide me a notification relating this.
Under Karnataka VAT, input tax of a bill of Feb 11, can be taken credit in the month of April/May 11 (Year & Quarter changes)? Pls. provide me a notification relating this.
1.Whether Franchisee of MLM(Multi level Marketing) company can avail Input Tax Credit against purchase & sale the products in the state Assam ?
Note: Franchisee receives Tax Invoice from the Branch office but Franchisee issue the order Form(Value inclusive of Tax) (as prescribed & rule by the Company) against sale to distributors .
2.Whether output Tax Invoice is mandatory for availing Input Tax Credit against purchase of Tax Invoice ?
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