1. Can Input credit can be obtained towards purchases of material by dealer (WCT)
2. Schedule VI sl NO 23 mentions rate @ 14.5% a dealer is liable to pay
2 Replies
AKHIL P
(Taxation)
(79 Points)
Replied 27 November 2012
please advise that whether vat is applicable on theft of tools on wich credit already availed and used for production, we are deducting the amount from labour contactor from their bill, whether vat applies on such deduction..........
CA Chandrashekar L
(Practicing Chartered Accountant)
(245 Points)
Replied 28 November 2012
Dear CA Venugopal Kasat,
As per Section 11 of KVAT Act , one of the input tax restriction is w.r.t. Fifth schedule goods subject to non fulfillment of conditions as specified in the section, but not w.r.t VI schedule goods.
Hence input tax credit can be availed on materials purchased by the contactor provided he as not registered under COT.
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