Tuesday, November 15, 2011

Can input tax credit of an item be adjusted against output tax on other items? ( AP VAT, Delhi VAT, Gujarat VAT, Haryana VAT, Karnataka VAT, KVAT, Maharashtra VAT, TNVAT, Value Added Tax (VAT), West Bengal VAT, Sales Tax )

Can input tax credit of an item be adjusted against output tax on other items?

There is no “one to one” correlation between input tax credit and output tax of an item. Input tax credit on all items purchased in a tax period can be adjusted against total tax payable during the tax period.

0 comments:

Post a Comment

Copyright © 2015 Accounting & Taxation All Right Reserved
Subscribe by Email Get Free Updates
Don't Forget To Join US Our Community
×
blogger