PLEASE HELP ME FRIENDS
I HAVE PURCHASE MATERIAL FROM U.P. WITHOUT C FORM
AND VENDOR CHARGED 5% VAT........
NOW, CAN I TAKE INPUT VAT CREDIT ON THIS PURCHASE???????
PLEASE HELP ME ITS URGENT
THANKS
DINESH (ACCOUNTS MANAGER) (131 Points)
21 February 2011PLEASE HELP ME FRIENDS
I HAVE PURCHASE MATERIAL FROM U.P. WITHOUT C FORM
AND VENDOR CHARGED 5% VAT........
NOW, CAN I TAKE INPUT VAT CREDIT ON THIS PURCHASE???????
PLEASE HELP ME ITS URGENT
THANKS
Devendra
(Chartered Accountant)
(4775 Points)
Replied 21 February 2011
YES YOU CAN CLAIM THE 5% INPUT VAT.
Om Prakash Regmi
(Subject Matter Expert)
(582 Points)
Replied 22 February 2011
No without FORM C you cannot claim input credit
DINESH
(ACCOUNTS MANAGER)
(131 Points)
Replied 22 February 2011
pls help me friends...........
i m confused........
should i take input credit or not......
if yes pls give me source...
tme s limted,bt drms r unlmtd
(Mba ( fin.) Ca final Student)
(257 Points)
Replied 22 February 2011
you cant take input on interstate purchase with or without C form
Input credit is availble only on the purchase with in the state and invoice should be Vat Invoice NO Retail invoice..
BHAWNA PECHORI
(ipcc)
(68 Points)
Replied 22 February 2011
As per VAT provisions,u cant avail input vat credit on interstate purchases.Issuance of C form is immaterial.For availing input vat credit purchase must be within the state and moreover tax invoice must be issued.
Nitin Grover
(CS)
(1228 Points)
Replied 23 February 2011
Dear Dinesh
you can not claim INPUT VAT credit and it doesn't matter that you have given Form 'C' or not
if you have given then you have to pay tax @ 2% then also you can not claim.
if doesn't given Form 'C' and paid full tax then also you cant claim / benifit ot tax.
Regards
M. SANKARA PAPANASAM
(CHARTERED ACCOUNTANT)
(22 Points)
Replied 23 February 2011
Dear Dinesh,
You cannot avail Input tax credit on inter-state purchases.
Regards
sundaresan
(partner)
(288 Points)
Replied 25 February 2011
No way input tax credit is only allowed the local purchase of the dealers. Any CST Purchases no CREDIT ALLOWED
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 26 February 2011
If it is interestate purchase seller can not charge VAT on it. It should be CST. Applicable rate in case of not providing C form will be rate applicalbe for sale of same commondity within the state. In case of buyer providing C form it will be at concessional rate (At present it is 2%).
Input credit is not available in both the cases.
Regards
Dayananada
Sha
(Accountant)
(21 Points)
Replied 20 April 2012
Then How we can adjest interstate purchse in TallyERP