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VAT Set-off on Capital Purchase


Dear All


What is the exact % available for set-off on purchase of capital asset after 01-04-2008 ? ( Under Maharashtra VAT Act )


On which capital asset set-off is available ?


 


Please reply


Amit

 
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Hi...

Its same as CENAVT CREDIT on Capital goods....U can take 50% credit in first year and 50% in next year...

 
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Something is wrong.


I am asking for eligible set-off  under Maharashtra VAT for capital purchase


I had read somewhere that we can claim balance % ( after deducting 4 % from tax amount ) as set-off.


Kindly clarify


 


Amit

 
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(Guest)

After deducting 3% from 12.5%or 4% remaining set off is available i.s 9.5% & 1%

 
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For the F.Y. 2008-2009 shall we take balance 10.5% ( 12.5% - 2% ) or 2% ( 4% - 2% )

Because the CST rate has been reduced to 2% from June onwards.

My question is , the % which we are deducting must be similar to CST rate. Because in F.Y. 2005-2006 we are dedudting 4% , in F.Y. 2006-2007 we were deducting 3% which is equivalent to CST rate equivalent to that year.

Amit

 
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accounts manager


Dear Amit,

You are right on that part, but there is no amendment in the rules till now, so you continue with " Three percent". when the notification or amendment will be done than you only take changes.

 
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but y we are taking cst rate as base amt vide  claiming thr vat set off agst purchase of capital good.

 

 
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but y we are taking cst rate as base amt vide  claiming thr vat set off agst purchase of capital good.

 

 
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what are set off capital goods are purchased @ 4% set off are 1% , 3% are not allowed in set off thus 3% are increse in capital goods.

reply please.

 
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23 Jan 2010 ... After deducting 3% from 12.5%or 4% remaining set off is available i.s 9.5% & 1% ... but y we are taking cst rate as base amt vide claiming thr vat set off ...

 
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