1.Is there any time limit for taking input credit for VAT? If possible any one conversant with Tamilnadu VAT .please give your views
2.Is there any timelimit for taking input credit for Excise and Service Tax?
sivaram (Asst Mgr-Taxation) (6918 Points)
07 October 20091.Is there any time limit for taking input credit for VAT? If possible any one conversant with Tamilnadu VAT .please give your views
2.Is there any timelimit for taking input credit for Excise and Service Tax?
Anoop
(Service)
(345 Points)
Replied 07 October 2009
| Originally posted by :sivaram | ||
| " | 1.Is there any time limit for taking input credit for VAT? If possible any one conversant with Tamilnadu VAT .please give your views 2.Is there any timelimit for taking input credit for Excise and Service Tax? |
" |
Pls. also share your views in the state of Delhi. As I heard from an advocate that we can get input credit on local purchase only upto next month from the date of bill in VAT but as per my opinion there was no time limit mentioned in VAT act in any state.
So, kinldy clarify.
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 07 October 2009
The principle of VAT is to avoid the cascading effect of multi point levy. Therefore unless expressly restricted the VAT credit can be availed in the next month or year in my view.
In central excise this aspect was also litigated but now settled. The local VAT authoritites may also dispute but in the end the same would be in favour of the asessees.
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