Vat Concepts
Page no : 2
pankaj sharma
(industrial training)
(24 Points)
Replied 16 February 2008
Narendra Kumar
(Accountant)
(21 Points)
Replied 01 March 2008
I am in critial position as lakhs of amt. paid as VAT is going to be lost.
I need your help on Uttranchal Vat Act (now called Utrrakhand Vat Act) as the act doesn't explain the following: -
1. Availability of VAT Input on Electrical Installation e.g. Transformer, Power Cables, MCB, VCB, Switches & Boards for plant (a) when these items capitalized (say capital goods) (b) When these items are used for Repairing purpose.
2. Availability of VAT input on Spare Parts & Accessories and other Fabrication work( Fabrication consits MS angles, Channals, Welding Rods etc.) use in repairing of Plant & Machinery.
3. How to input credit be calculated when (a) about 70-80% goods manufactured sold as stock transfer to our distribution hubs in other states and remaining portion we sell it on 1% CST, however, most of our purchases consit 4% VAT. To how much extent we are eligible for VAT input (i mean to say if we are paying 4% & 12.5% vat on purchases, is Vat paid 4% eligible for input agst. stock transfer??).
4. Vat input is available on packing material. But nobody knows to how much extent it is eligible for input credit. (e.g. if we are paying 12.5% vat on packing material, is the full amt. of 12.5% is eligible for setoff??)
Please help me guys with this as a huge amt. of VAT is being paid by us
Jiwan singh
(service)
(393 Points)
Replied 20 February 2009
I am in critial position as lakhs of amt. paid as VAT is going to be lost.
I need your help on Uttranchal Vat Act (now called Utrrakhand Vat Act) as the act doesn't explain the following: -
1. Availability of VAT Input on Electrical Installation e.g. Transformer, Power Cables, MCB, VCB, Switches & Boards for plant (a) when these items capitalized (say capital goods) (b) When these items are used for Repairing purpose.
2. Availability of VAT input on Spare Parts & Accessories and other Fabrication work( Fabrication consits MS angles, Channals, Welding Rods etc.) use in repairing of Plant & Machinery.
3. How to input credit be calculated when (a) about 70-80% goods manufactured sold as stock transfer to our distribution hubs in other states and remaining portion we sell it on 1% CST, however, most of our purchases consit 4% VAT. To how much extent we are eligible for VAT input (i mean to say if we are paying 4% & 12.5% vat on purchases, is Vat paid 4% eligible for input agst. stock transfer??).
4. Vat input is available on packing material. But nobody knows to how much extent it is eligible for input credit. (e.g. if we are paying 12.5% vat on packing material, is the full amt. of 12.5% is eligible for setoff??)
Please help me guys with this as a huge amt. of VAT is being paid by us
CH SUBBA RAO
(Member)
(54 Points)
Replied 21 February 2009
Sir,
I have joined in a medicine distribution company in Andhra Pradesh as Accountant.
The company has operations in the following states:
1. Andhra Pradesh
2. Tamilnadu
3. Kerala
4. Karnataka
5. Maharashtra
6. Gujarat
7. West bengal
8. Gujarat.
Can you help me in dealing with VAT of all these states.
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