Hi Friends
Can any one tell me whats VAT input credit in brief
Which Inputs can be considred for this calculation ,ie rate wise purchase with similar tax rate sales,Interstate claim is possible or VAT credit can be calculated only between intrastate Purchases and Sales?
Regards
Narayanan
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Whats VAT Input Credit
Replies (5)
VAT Input credit means the VAT You have paid to the supplier for the purchase of goods from him.
Output VAT Credit can be Set off against Input VAT Credit & balance may be refundable or payable as per the circumstances.
For setoff of VAT Input Credit against VAT Output Credit it is not necessary that they should be of same rates.
Bye............
Output VAT Credit can be Set off against Input VAT Credit & balance may be refundable or payable as per the circumstances.
For setoff of VAT Input Credit against VAT Output Credit it is not necessary that they should be of same rates.
Bye............
it is both Intra & inter-state purchases for which VAT credit can be taken.
VAT credit can be taken against input of material from within the state and can be use of intra state tax and balance to be paid.
on some specifies purchase VAT credit can not be taken. see VAT Act and Credit Rule.
on some specifies purchase VAT credit can not be taken. see VAT Act and Credit Rule.
Hi Friends
The replies are really useful
Thanks
Regards,
Narayanan.
The replies are really useful
Thanks
Regards,
Narayanan.
VAT credit can be taken against input of Raw Material from with in the state and can be use of intra state tax and payable balance to be paid. Payable C.S.t. also adjustable in vat ITC
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