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Vat

(Querist) 25 April 2013 This query is : Resolved 
a dealer raises a vat invoice charging vat @ 4 percent. however goods on which vat is charged is taxed at 0 rate. based on this vat invoice buyer who accepted it in good faith claimed vat credit

Querry ?
what is its implication on buyer who has claimed input credit
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malipeddi jaggarao (Expert) 26 April 2013
If the goods are taxable at 0 VAT rate, why you have accepted the invoice and paid more? However since the seller has charged you 4% VAT, you can claim imput credit.
Raj Kumar Makkad (Expert) 27 April 2013
If erroneously VAT tax has been paid to the seller then the input credit can very well be claimed.
elgin matt (Expert) 27 April 2013
In agreement with both the experts

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