if we purchase goods from a registered dealer having tin number, but he sells against retail invoice. can we claim input credit?
6 Replies
Shyam Lal Naik
(Service)
(6156 Points)
Replied 17 March 2008
Generally, tax credit is allowed only against Tax invoice, not against retail invoice.
Samir
(Chartered Accountant)
(145 Points)
Replied 17 March 2008
To claim VAT Credit on Input, the supplier's 'tax invoice' is required with declaration statement and TIN. I doubt, whether one can avail credit based on retail invoice not having above mentioned contents.
girish mangla
(practice)
(206 Points)
Replied 24 March 2008
NO WE CANNOT CLAIM INPUT CREDIT ON INDEIRECT EXPENSES. IT IS ONLY MADE AGAINST DIRECT EXPENSES AND CAPITAL GOODS.
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