vishvajeet (Atricle) (40 Points)
11 September 2011Dear All
I am confussed about the tretment for VAT Paid on Capital Assets.
As per my knowledge VAT paid on capital assets are eligible to set off 1/3 each year but maximum in 3 year and full amount
Whether my tretment correct or not?
Applicable State MAHARASHTRA VAT LAW
Please !!!!!!!
praveen
(Chartered Accountant)
(6971 Points)
Replied 11 September 2011
i think in maharashtra the whole of the VAT on capital goods can be taken as input.
but i might be wrong. I read this in the ICAI study material
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Ajay Kushwaha
(...)
(58 Points)
Replied 11 September 2011
CA Pooja Agarwal
(Chartered Accountant)
(3228 Points)
Replied 12 September 2011
input credit on can be taken on capital goods on 50% of the purchase price on the year of purchase and the remaining 50% in 36 montly instalmants after the commencement of production.this is as per the most recent provisions.
CAclubindia
