sathiyadeepan (Executive) (147 Points)
22 March 2013Hi to All
I have a doubt in vat , If ampurchasing a goods for the Value of Rs. 10000 in Tamilnadu , for the same input availed is Rs. 500, where as the Sales of Rs. 7000 is made in Tamilnadu local Sales , and the balance is Rs. 3000 /- is maade through karnatake Cst sale. Can i avail the input of Rs. 500 /- while making the return. Being aportion of Rs. 3000/- is cst sale.
Please clear this doubt, and specify a rule of notification on this.
Jishnu Surendran
(Finance Manager)
(312 Points)
Replied 22 March 2013
Well Sathiyadeepan,
I do not know about TNVAT provisions but normally, you cannot claim input credit, only when your sales are exempted from tax. When your sales are taxable whether CST or VAT, you can claim input tax credit.
VIKAS.A
(SOMETHING IS BETTER THAN NOTHING)
(1095 Points)
Replied 22 March 2013
U CAN AVAIL WHOLE 500 AS INPUT CREDIT,
SALES CAN BE INTRA/INTER STATE,
BUT PURCHASES MUST BE LOCAL TO AVAIL INPUT CREDIT.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
