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2004 By Default!A Free sample background from www.awesomebackgrounds.comMANJUNATH-0916092 1
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INPUT TAX AND OUTPUTINPUT TAX AND OUTPUTINPUT TAX AND OUTPUT
TAXTAXTAX
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INPUT TAXINPUT TAX
1. WHAT IS INPUT TAX
Input tax means tax on goods purchased by a dealer
in the course of his business. The eligible purchases
would include any goods purchased by a dealer forre-sale or for use in the manufacture or processing
or packing or storing of other goods or any other
use in business including capital goods excluding
exceptions prescribed in seventh schedule of the
Act.
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INPUT TAX RESTRICTIONSINPUT TAX RESTRICTIONS INPUT TAX SHALL NOT BE DEDUCTED IN CALCULATING THE
NET TAX PAYABLE, IN RESPECT OF:
Tax paid on purchases attributable to saleof exempted goods exempted underSection 5.
Tax paid on purchase of goods that are
dispatched outside the State
goods including capital goods as specifiedin the Fifth Schedule
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Tax paid on purchase of capital goods clause
(3).
Tax paid on purchases attributable to naphtha,
liquefied petroleum gas, furnace oil, light
diesel oil, superior kerosene oil,
Tax paid on goods purchased by a dealer who
is required to be registered under the Act, buthas failed to register.
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Tax shall not be deducted by an agentpurchasing or selling goods on behalf ofany other person other than a non-residentprincipal.
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DEDUCTION OF INPUT TAXDEDUCTION OF INPUT TAX
Deduction of input tax shall be allowed tothe registered dealer in respect of thepurchase of capital goods
Deduction of input tax under this Sectionshall be allowed only after Commencement of commercial
production, or sale of taxable goods
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Pre-registration purchases
Deduction of input tax shall be allowed on
the difference between the rate of inputtax charged at a rate higher than four percent.
. Composition of tax.
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a) Whose total turnover in a period of fourconsecutive quarters does not exceedFifteen lakhs rupees;
(b) Who is a dealer executing workscontracts;
(c) Who is a hotelier, restaurateur,caterer;
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OUTPUT TAXOUTPUT TAX
Output tax in relation to any registereddealer means the tax payable under this Actin respect of any taxable sale of goods madeby that dealer in the course of his business,
Ex. A steel co. Sold to a machinery co. acertain quantity of steel worth of 5 million.The applicable rate is 17%the output tax
charged to the steel co. Tax Shall becomputed as follows
Output tax = 5 million * 17% = 850000
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2004 By Default!A Free sample background from www.awesomebackgrounds.com 1010
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