TaxTMI 
TaxTMI 
Input Tax Credit
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....nput Tax Credit<br> Query (Issue) Started By: - Sanjay Sharma Dated:- 26-3-2012 Last Reply Date:- 26-3-2012 VAT + CST<br>Got 3 Replies<br>VAT / Sales Tax<br>Dear Experts, Can we calim the Input Tax Credit of UPVAT on supplimentary Invoice in case of rate revision retrospectively, if there is any rule, notification pls. mention. Regards. Reply By Pradeep Khatri: The Reply: Please refer belowm....
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....entioned Rule:- CHAPTER II INCIDENCE AND LEVY OF TAX Determination of turnover of sale For the purposes of determining turnover of sale, turnover of sales falling under sub-clauses (i), (ii) or (iii) of clause (a) of section 7, shall be deducted from gross turnover of sales. Determination of taxable turnover of sale For the purposes of determining taxable turnover of sale, amounts specifie....
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....d below shall be deducted from the turnover of sale, determined in accordance with rule 7, if included in such turnover of sale : (viii) amount of tax payable on sale of goods by the dealer where such amount has been realized from the purchaser separately on a tax-invoice issued by the dealer; Reply By Sanjay Sharma: The Reply: Dear Sir, We had pruchased the raw material and as per UPVAT provi....
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....sions we had availed the VAT credit as ITC at that time now, supplier has rivised the rates with retrospective effect and raised the supplimentary invoice for the same, now our query is- 1. Can we avail the VAT credit on this supplimentary invoice raised by the supplier due to the rate rivision, as we can avail the CENVAT credit of the Excise duty charged by the Supl.inv. but for that there is a ....
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....separate provision in the Cenvat credit Rules, 2004, but as far as the UPVAT is concerned we are not sure about VAT provisions and VAT credit in case of supl. inv. pls. give your valuable advice. Regards. Reply By Pradeep Khatri: The Reply: If supplimetary Invoice is issued on Tax Invoice Format and it is incorporated in the returns, then you would be able to avail the ITC.<br> Discussion Forum....
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