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Input Tax - A Question
12-02-2006, 07:40 PM
Post: #1
Input Tax - A Question
Salam

On what goods and on what criteria a sales tax on purchases can be claimable/adjustable? Can we claim/adjust sales tax on purchase of Fixed Asset?
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12-13-2006, 02:28 AM
Post: #2
 
i think u should first make a clear distinction between sales tax and income tax..
The tax levied on supplies is sales tax and on assets is income tax i.e. withholding tax
Sales tax is claimable on taxable supplies only
and you can claim withholding tax paid on assets against ur income tax
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01-10-2007, 04:45 PM
Post: #3
 
I disagree with Mr. Rehman. Sales Tax is leviable on taxable supply and supply could be of any item, i.e., material or fixed assets. And likewise Withholding Tax is also deductible on both types of supplies. As far as the claim of input tax is concerned, get back to this forum and I'll let you know.
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01-18-2007, 06:43 AM
Post: #4
 
i accept ur disagreement...
i used general words just to clear the concepts of that guy, who was mixing things...
otherwise i know each and every inch of sales tax and income tax...
anyways im back on this forum, please say clearly wut u want to say...
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01-20-2007, 06:17 PM
Post: #5
 
Sales tax in the US is not due if the property is purchased through out-of-state seller (example, internet purchase). Also, sales tax is not assessed in certain states Hawaii, Alaska, Delaware, Montana, New Hampshire, and Oregon. Sometimes, it is not assessed even on municipal levels.
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