Apart from input credit on raw material would dealers be allowed to claim credit on other costs like labor, overheads ?
A. VAT paid on any business input would be allowed to be set off. Since services are not a part of VAT as of now, no tax is levied on it and no credit allowed. However, in future, when services will be included, full credit shall be given even for service inputs. 37. I am a manufacturer. Goods manufactured by me are both taxable and exempt.
Related Questions
- HOW DO I CALCULATE THE AMOUNT OF INPUT TAX WHICH I CAN CLAIM AS A CREDIT IF I AM A MANUFACTURER AND MAKE SALE OF TAXABLE GOODS AND SALE OF EXEMPT GOODS BY USING COMMON INPUTS?
- Apart from input credit on raw material would dealers be allowed to claim credit on other costs like labor, overheads ?
- How do I find the individual costs associated with an operation such as material, labor, and equipment?
