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
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............
CAclubindia
