Can we take the input credit of VAT charged by supplier on supply of Stores?
6 Replies
Gunjan Tulsyan
(Article)
(222 Points)
Replied 08 November 2012
Yes...!!!! u can only in case its related to your business transaction...!!!
durga prasad bahety
(CA FINAL)
(120 Points)
Replied 08 November 2012
The transaction was occured in this manner:-
MAterial VAlue-48090
Discount-17908
Vat @ 4%- 1207.26 and in terms and condition it was written that Cenvat includes EDGP. Whats that?
But the entry made by the enterprise was :-
Supplier A/C ..... cr. 31381
Purchase of General stores A/C ....dr. 28488
Cenvat control A/C.....dr. 2893.
The company purchases roller bearings... PLEASE ADVICE ME WHAT IS RIGHT OR WHAT IS WRONG?
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 08 November 2012
I think EDGP stands for excise duty gate pass and Amount of Rs.2893 pertains to excise duty on material purchased. If they my above understanding is right than the entry is corrrect. As far as vat credit concerned you need to look into the respective state law for eligibilty of the credit.
Regards
Dayananda
ALOK KUMAR JHA
(STAFF)
(74 Points)
Replied 08 November 2012
yes we can take subject to some condition .
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