Give reason in brief, in the context of provisions of VAT, whether following purchases are eligible for availing input tax credit: Smile & Co. purchased goods from Manav Enterprises, a registered dealer. Manav Enterp
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2016
Give reason in brief, in the context of provisions of VAT, whether following purchases are eligible for availing input tax credit: Smile & Co. purchased goods from Manav Enterprises, a registered dealer. Manav Enterprises has opted for composition scheme under the provisions of respective State VAT Act.
Answer & Explanation:
Purchases made by Smile & Co. from Manav Enterprises are not eligible for input tax credit as purchases from registered dealer who opts for composition scheme under the provisions of respective state VAT Act are not eligible for Input Tax Credit.
Topics: Indirect Tax
Related Questions in this Topic
- Mention, with reasons, whether the following are liable to service tax Fees paid to the Appellate Tribunal established ...
- Mention, with reasons, whether the following are liable to service tax A provision of service by an employee to the emp...
- Mention, with reasons, whether the following are liable to service tax A transaction in money
- Mention the methods which are generally used for computation of VAT.
- Briefly discuss the availability of input tax credit under VAT in respect of stock transfer.