Tuesday, November 15, 2011

Are there any prohibited goods for which input tax credit will not be admissible? ( AP VAT, Delhi VAT, Gujarat VAT, Haryana VAT, Karnataka VAT, KVAT, Maharashtra VAT, TNVAT, Value Added Tax (VAT), West Bengal VAT, Sales Tax )

Are there any prohibited goods for which input tax credit will not be admissible?

 Yes. Input tax credit will not be available for crude oil, Lignite, Petrol and High Speed Diesel besides purchases unrelated to goods under sale.
Q.7. How input tax credit will be available in case of branch transfer?
A.7. Input tax credit would be available in case of branch transfer after deducting 4 % as under:
In the case of reseller: 4% of the value of the goods so transferred
In the case of manufacturer: 4% of the value of the goods used in the manufacture of goods so transferred.

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