SIR -
ONE PARTY IS GOING TO DO SPINNING JOBWORK AT SPINNING MILL OFCOURSE THEY SUPPLY TO MILL RAW MATERIAL LIKE COTTON & FIBRE & MILL MAKE YARN FROM RM AND MILL CHARGE SPINNING JOB WORK CHARGES TO PARTY & PARTY RECEIVE YARN [FINISHED PRODUCT] FROM JOBWORKER [MILL] AND PARTY SELL THESE YARN TO MARKET.AND WHICH EVER WASTE GENERATE DURING PROCESS WILL BE IN MILL ACCOUNT ONLY.
MY QUESTION IS WILL PARTY TAKE INPUT CREDIT VAT OF RAW MATERIAL WASTE, WHICH IS LYING IN MILL ACCOUNT AND THEY USE OR SELL TO OTHER PARTY.
PLS NOTE THAT ALL RAW MATERIAL PURCHASE IN THE NAME OF PARTY IT SEEMS ALL INPUT VAT CREDIT IN THE NAME OF PARTY.
PLS GIVE ME ADVISE WHO WILL TAKE CREDIT OF INPUT VAT OF WASTE : MILL OR PARTY
PLS GIVE ANSWER AS PER GUJ VAT LAWS OR ANY JUDGEMENT
THANKS
CAclubindia
