Treatment of vat paid on fixed assets

This query is : Resolved 
 


Querist : Anonymous (Querist) 21 April 2017

Dear sir,
can vat paid on fixed assets be available for credit.
If so, are they required to be in included in Vat return And How??


KAVIRAJA ADDANGADI (Expert)
21 April 2017

IF Plant & Machinery Used for production only that FA VAT input can be claimed in VAT return. Vehicle, Furniture, Computing Machine is not part of Production which is Input restricted Goods you cannot claim input Credit on VAT input restricted Goods.


Querist : Anonymous (Querist) 21 April 2017

thankyou sir, what about vat paid on Machinery spares??



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