Set off of vat on medicines in maharashtra

[Sagar Ambhore]

can retailer of medicines claimed for set off of vat on sales

[YAGAY andSUN]

If the retailer is registered with MVAT authority then he may claim Input Tax Credit under the provision of MVAT Act read with Rules made thereunder.

AI Summary

Input Tax Credit entitlement: registered VAT retailers may claim set-off on medicine purchases under MVAT provisions. Retailers of medicines registered under the Maharashtra VAT framework may claim Input Tax Credit to set off VAT paid on purchases, subject to the conditions, documentary requirements and procedural prescriptions of the MVAT Act and its rules; without registration or prescribed compliance the set-off is unavailable.