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INTERVIEW QUESTIONS
TAX
VALUE ADDED TAX
DETAILS
Question: Will there be Value Added Tax (VAT) Input Tax Credit for all Purchases?
Answer: No, It will be available only for local purchases from registered dealers, but not on goods taken for self-use/given as samples, gifted, lost in theft, fire, damaged or destroyed/all automobiles including two wheelers, three wheelers and their spare parts for repair or maintenance, air-conditioning units, refrigerators.
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Value Added Tax Interview Questions & Answers -
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Question:
Will there be Value Added Tax (VAT) Input Tax Credit for all Purchases?
Answer:
No, It will be available only for local purchases from registered dealers, but not on goods taken for self-use/given as samples, gifted, lost in theft, fire, damaged or destroyed/all automobiles including two wheelers, three wheelers and their spare parts for repair or maintenance, air-conditioning units, refrigerators. Source: CoolInterview.com
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Related Questions |
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Whether claim of Value Added Tax (VAT) Input Tax Credit is on a One to One Basis?
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Can a dealer claim Value Added Tax (VAT) Input Tax Credit for goods sold in Inter-State trade?
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What are the transactions not eligible for Input Value Added Tax (VAT) Credit?
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Is this Value Added Tax (VAT) benefit available to the dealers who opt to pay tax at a Compounded rate?
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Whether Input Tax Credit in Value Added Tax (VAT) can be claimed, if the original invoice is lost?
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How is Input Tax Credit claimed in Value Added Tax (VAT)?
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What is Input Tax Credit for Value Added Tax (VAT)?
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What is Tax invoice in Value Added Tax (VAT)?
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What is Value Added Tax (VAT) Output?
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What is Value Added Tax (VAT)Input Tax?
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What is Industrial Value Added Tax (VAT) Input?
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What are Value Added Tax (VAT) Inputs?
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Will there be any Random Check of Accounts in case of Value Added Tax (VAT)?
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What is Self Assessment in case of Value Added Tax (VAT)?
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How is the Value Added Tax (VAT) assessment made?
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What is the mode of payment of Value Added Tax (VAT) tax?
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How the Value Added Tax (VAT) returns are to be filed?
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Whether dealers paying Value Added Tax (VAT) on Composition basis have to maintain detailed Accounts?
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Is there any provision for compounding system of tax under Value Added Tax (VAT)?
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What is Zero Rated Sale for Value Added Tax (VAT)?
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