Accounting of fixed assets

This query is : Resolved

Dipesh Sambhaji Dalvi (Querist)
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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?

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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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.

ACMA Obulirajan R

ACMA Obulirajan R (Expert)
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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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