TaxTMI 
TaxTMI 
setoff the purchase tax liability from W.C.T./T.D.S.
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....etoff the purchase tax liability from W.C.T./T.D.S.<br> Query (Issue) Started By: - Jasbir Uppal Dated:- 11-5-2013 Last Reply Date:- 13-5-2013 VAT + CST<br>Got 2 Replies<br>VAT / Sales Tax<br>Dear Sir, A civil work contractor case, T.D.S. is being deducted at source by the contrecttee, applicant purchased goods from unregistered dealers which in turn used in works contract and providing purchas....
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....e tax liability in our books of accounts. The such contractor can setoff the purchase tax liability from the WCT-TDS. Please also provided relevant apex court ruling Reply By Pradeep Khatri: The Reply: It is not allowed. Reply By Jasbir Uppal: The Reply: Even the Definitions of section 2(p) of UPVAT act set off the purchase tax liability from the WCT-TDS is not allowed section 2(p) coated he....
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....re under:- 2(P) "Input tax", in relation to a registered dealer who has purchased any goods from within the State, means the aggregate of the amounts of tax - (i) paid or payable by such registered dealer to the registered selling dealer of such goods in respect of purchase of such goods and (ii) paid directly to the State Govt. by the purchasing dealer himself in respect of purchase of such good....
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....s where such purchasing dealer is liable to pay tax under this Act on the turnover of purchase of such goods. 'Tax' - means a tax leviable under this Act, on the sale or purchase of goods other than news papers; and shall include, - (a) tax or lump sum as the case may be payable, in lieu of actual amount of tax due on turnover of sales, in accordance with provisions of Section 6; or (b) Amount of ....
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....reverse input tax credit, Difference between the tax and input tax is minute as - 'Tax' means a tax leviable under this Act on sale or purchase of goods (both) while 'input tax' is aggregate amount of tax, paid or payable by registered dealer to registered dealer and paid directly to the State Govt. on purchases of goods only. Ple. advised With regards (J.S. Uppal)<br> Discussion Forum - Knowle....
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....dge Sharing ....