Dear All,
can any body explain about VAT Input Tax Exemption goods in Karnataka
INPUT TAX EXEMPTION GOOD IN KARNATAKA
S P SUNIL KUMAR (SR. EXECUTIVE - FINANCE) (24 Points)
13 November 2010
S P SUNIL KUMAR (SR. EXECUTIVE - FINANCE) (24 Points)
13 November 2010Dear All,
can any body explain about VAT Input Tax Exemption goods in Karnataka
Ravi Prasad
(Self employed)
(148 Points)
Replied 16 November 2010
What you do you want? Do you mean Input tax rebate?
Input tax rebate means the credit of the tax paid on the inputs provided the output is liable to tax on the point of sale. Please refer to Section 10, 11 and 12 of the Karnataka VAT Act along with allied sections 14 and 17.
Section 10 explains the Input tax
Section 11 explains the situations where the input tax is non-deductible
Section 12 explains the Input tax rebate on Capital goods (not all fixed assets, please)
Section 14 and 17 explain about partial rebating
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