Dear Members,
plss ans the following query.
In case of a company who sales goods in course of export as well as local sales. How can it claim refund and how it can adjust its input tax credit??? and how this adjustment will be shown in VAt Return???
Thanks and Regards,
Pinky Agarwal.
IF THE INPUT VAT IS MORE THAN THE OUTPUT VAT, THEN THE DEALER WILL CLAIM A REFUND.
YOU JUST HAVE TO MAKE A VAT COMPUTATION STATEMENT SHOWING THE FOLLOWING INFORMATION:-
ASSESSABLE SALE VALUE
VAT ON THE SALE
ASSESSABLE PURCHASE VALUE
VAT ON PURCHASE
AND THEN, FLL THE ABOVE INFORMATION IN THE VAT RETURN AND IF YOUR INPUT IS MORE THAN OUTPUT, THEN YOU CAN CLAIM REFUND.
REGARDS,
DEVENDRA
Thanks.. can we adjust whole input credit against our output tax liablity as these were also used in sales made in course of export... Plsss Explain??
FOLLOWING TRANSACTIONS ARE NOT ELIGIBLE FOR INPUT TAX CREDIT:-
(a) Sale of exempted goods
(b) purchase of goods from outside the State
(c) goods purchased in the course of business, but used for
personal facility of proprietor, partner or director
(d) goods damaged in transit
(e) goods stolen, destroyed or lost
(f) goods sold in the course of inter-state sale without support of C
form
(g) goods transferred to outside the State for sale either by branch
or agent without support of Form F
(h) goods returned
REGARDS,
DEVENDRA
Sale of Exempted goods is mandatory to be mention in VAT Return?
CAclubindia
