INTERVIEW QUESTIONS TAX VALUE ADDED TAX DETAILS

Question: What is Input Tax Credit for Value Added Tax (VAT)?

Answer: Input Tax Credit for Value Added Tax (VAT), is an aggregate total amount of tax paid by a registered dealer on the total purchases made by him within the State from other registered dealers (for a particular period) but not eligible in some cases.

The Input Tax Credit includes the purchase tax paid under Section 12 of the VAT Act. The input tax credit can be adjusted against the tax payable by the purchasing dealer on his sales. The dealers are not eligible for input tax credit on all inputs. There are certain restrictions and conditions on eligibility of input tax credit. They are given in detail under TNVAT Act, 2006.

Input Tax Credit for Value Added Tax (VAT), is an aggregate total amount of tax paid by a registered dealer on the total purchases made by him within the State from other registered dealers (for a particular period) but not eligible in some cases.

The Input Tax Credit includes the purchase tax paid under Section 12 of the VAT Act. The input tax credit can be adjusted against the tax payable by the purchasing dealer on his sales. The dealers are not eligible for input tax credit on all inputs. There are certain restrictions and conditions on eligibility of input tax credit. They are given in detail under TNVAT Act, 2006. Source: CoolInterview.com

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