A Purchase is Accounted as expenditure we didnt claim input vat .When the same item sold and accounted as Sales we need to pay VAT or not? Pls Clarify me..
7 Replies
Satyajeet
(Auditor)
(58 Points)
Replied 26 April 2012
Yes, you need to pay VAT. if the item is eligible for VAT.
Mihir Doshi
(B.Com, CA, CS, LLB)
(2187 Points)
Replied 26 April 2012
Agree with Expert. You need to pay the VAT
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 26 April 2012
yes ...right ...Input couldn't claimed in many cases such as when the dealer has opted for composition scheme , or bought from unregistered dealer and so more cases.
But as VAT records are maintained properly ... only then a dealer can claim for credit ..
otherwise he have to pay the VAT as per the rate
Harshal Fifadra
(Chartered Accountant)
(1489 Points)
Replied 26 April 2012
Yes VAT will be applicable on sale even though it is not the product in which you are dealing
Ok ...
Sonu Kumar
(Account Manager)
(665 Points)
Replied 27 April 2012
If we Pay Vat for Expenses then we can't claim Input credit on it. For example if we purchase Petrol or Diesel for Car and Scooter then we cant claim input on it.... we can claim only on good in which we Deals
jeetu chandwani
(x)
(23 Points)
Replied 28 April 2012
what would if i purchase staff welfare goods, is it eligible for cenvat credit??/though business activity is job worker or labour worker
Sonu Kumar
(Account Manager)
(665 Points)
Replied 28 April 2012
Dear Mr. Jeetu Chandwani,
The Whole Amount on Labour Welfare are Eligiable for Deduction from Gross Revenue. So there is no chance for Input Credit.
Thanks
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