04-14-2011, 03:25 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by wasim akram</i>
<br /><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by olympia</i>
<br />If our Output is Rs 100 in which Rs 30 are for zero rated sector(like Textile, Leather etc.) & Rs 70 are for taxable supplies.
My question is should we adjust our 100% input tax against this output or should we adjust input with the proportionate of output tax?
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In my opinion
It has been clarified in paragraph (ii) of CNo.1(140)C/RGST/2011/46619 - R dated 11-04-2011. Which read as " ....and other sector specific used inputs not cover under SRO 283 shall be admissible only to the extent propotionate to the zero rated supplies....."
wasim
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five export sctors are required to adjust their input tax in porportionate with their output tax.
"Other sectors who made supplies to these sectors may claim 100% input against their output" am i right?
<br /><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by olympia</i>
<br />If our Output is Rs 100 in which Rs 30 are for zero rated sector(like Textile, Leather etc.) & Rs 70 are for taxable supplies.
My question is should we adjust our 100% input tax against this output or should we adjust input with the proportionate of output tax?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
In my opinion
It has been clarified in paragraph (ii) of CNo.1(140)C/RGST/2011/46619 - R dated 11-04-2011. Which read as " ....and other sector specific used inputs not cover under SRO 283 shall be admissible only to the extent propotionate to the zero rated supplies....."
wasim
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
five export sctors are required to adjust their input tax in porportionate with their output tax.
"Other sectors who made supplies to these sectors may claim 100% input against their output" am i right?