Dear all,
I want to know that VAT credit on fule may be availed or not ? In our company Natural Gas used as fule and VAT 12.5% AND ADD. VAT 2.5% CHARGED IN INVOICE . So, Please clearyfy that how much credit availed and how may much disallowed ?
HITENDRA NIRMAL (ASST. ACCOUNT MANAGER) (25 Points)
14 March 2011Dear all,
I want to know that VAT credit on fule may be availed or not ? In our company Natural Gas used as fule and VAT 12.5% AND ADD. VAT 2.5% CHARGED IN INVOICE . So, Please clearyfy that how much credit availed and how may much disallowed ?
Devendra
(Chartered Accountant)
(4775 Points)
Replied 14 March 2011
VAT Input on Fuel (Natural Gas) to be claimed @ 9.5%. (ie. 3 % reduction).
Regards,
Devendra
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961