Accounting of fixed assets
This query is : Resolved
04 September 2012
One of our client purchase a Machinery in which Vat included of @ 12.5%.
My query is that,
Can I taken Set-off of VAT ? &
If yes then
Can I add vat amount in fixed assets value?
My query is that,
Can I taken Set-off of VAT ? &
If yes then
Can I add vat amount in fixed assets value?
04 September 2012
You Can Take VAT Credit, Also Depend on Sate Wise VAT Law.
Normally VAI Credit on Capital Goods Allowed in Almost All State.
If YouDont Want to Do, or Cant Claim VAT Credit due to Law Restriction, Then Also As Per AS 10 U Can Capitalize This VAT.
Normally VAI Credit on Capital Goods Allowed in Almost All State.
If YouDont Want to Do, or Cant Claim VAT Credit due to Law Restriction, Then Also As Per AS 10 U Can Capitalize This VAT.
04 September 2012
We cannot take double benefit i.e. Input tax credit and Depreciation by including tax amount in FA.
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