Can credit be claimed for the VAT paid on the purchases?
No. Only VAT registered dealers can claim such a credit. A dealer can either register himself for VAT or for Composition Scheme, whichever he feels to his benefit. You would then cancel the General Registration number for paying composition tax . He would then charge VAT to his customers and pay TAX. Q.43. Under which Notification the H.P VAT Act, 2005 is published from which date it is applicable. The H.P. Value Added Tax Act, 2005 has been published vide Law department Notification No.LLR- D (6)-10/2005 leg Date 31.3.2005 in R.H.P (E.O) on 31.3.05. This Act is applicable w.e.f Ist day of April, 2005. Q.44. What do I do to register under H.P Value Added Tax Act. You are liable to register only if your taxable quantum exceeds as laid down under section 4(6) of H.P.Value Added Tax Act. (There is also a Provision for Voluntary Registration).To apply for registration, a simple application, and filing of ST-I form (as per existing form) is required. This system will continue up to such tim
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- Can credit be claimed for the VAT paid on the purchases?
