Can annual return dealer claim ITC
We have client who is dealing in Oil purchase and sale. He files the return annually. He purchases oil by paying tax. Is he eligible for Input Tax Credit ? Client is in TN VAT.
Asked 1 year ago in VAT from Coimbatore, Tamil Nadu
If you go by the Form I-1(Annual Return) there is no provision/column for Carry forward of ITC. However the tax paid on the purchases can be set off against the tax payable on output tax, if the input tax is more in all the months.
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