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TMI BlogInput Tax CreditX X X X Extracts X X X X X X X X Extracts X X X X ..... Under the state VAT Act, for availing input tax credit (ITC), the sale should be from one registered dealer to another registered dealer. By virtue of specific explanation in the definition of deal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er a financing company selling pledged ornaments is a deemed to be a dealer, hence such a sale is taxable. In the past RBI permitted self purchase of such pledged ornaments by the financing compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y themselves. Even this is accepted in the decision of Hon'be Supreme Court in Karnataka Pawn Brokers Association. Subsequent to the purchase this gold is sold and tax is collected. In this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... background kindly advise whether Input tax credit is available to such financing company. <!--[if !supportLineBreakNewLine]--> <!--[endif]--> - Reply By Pradeep Khatri - The Reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... = Sale to self is no sale. Under VAT regime Input Tax credit would not be available. The Judgment you referred pertains to Sales Tax Regime. - Input Tax Credit - Query Started By: - RAMASWAMY KRI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SHNA IYER Dated:- 7-3-2015 Value Added Tax - VAT-CST - Got 1 Reply - VAT and Sales Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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