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Entry Tax paid for Car purchased Rs.800000 and this amount
may adjust to VAt payable. Noted that we are filing vat
return on the compound basis.
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Answer / abhivirthi tax and industrial
Dealers paying tax at the Compounded rates basis shall not be entitled to input tax credit on the goods purchased by them and the dealers paying tax at the compounded rates basis should not collect any amount by way of tax or purporting to be by way of tax on their sales and hence there is no provision to adjust the entry tax for the car purchased towards VAT payable.
Reply From:
ABHIVIRTHI Tax and Industrial Consultancy
R.R.JAGADEESAN
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, Palaami Enclave, New Natham Road,
Madurai-625014.
Cell: 9994990599
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