Tuesday, August 2, 2011

Can we avail input credit for all purchases like stationery, consumables, machine parts etc.,

Ans: Subject to the restriction mentioned in the 5th schedule to the VAT Act, all the goods purchased in the course of business for use in business would be eligible for input tax rebate. If those goods purchased find entry under the said schedule, then it would not be eligible for input tax credit. In fact, the return Form in VAT 100 clearly specifies the purchases other than those coming under schedule 5 of the VAT Act. Download Karnataka Vat Full information.

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