[aaykarbhavan] Haryana Imposes Severe Restrictions on Input Tax Credit under VAT

Dear All,

 

Notification No. 22/ST-1/H.A.6/2003/S.59/2015 dated 7^th September, 2015 will have a significant impact on the Haryana VAT Payers and Buyers of Haryana Goods outside the state of Haryana. The issue is in relation to restricting the input tax credit only to the extent of Output tax liability for dealer engaged in Interstate Sale of Goods.

 

This simply means say a dealer who has bought an Item at Full rate local VAT and sells it to Interstate on Form C @ 2% would have to loose out on the differential input tax credit (on the cost of Material Purchased) and the same cannot be used as credit against other VAT Payable or be claimed as refund under the Act.

 

Complete Article

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Thanks & Regards,

 

CA Ankit Gulgulia (Jain)

+91-9811653975

311, D-MALL, Netaji Subhash Place. Pitampura - 110034

 

 

 

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Posted by: "Ankit Gulgulia" <ankitgulgulia@gmail.com>

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