Allowable input for truck
This query is : Resolved
10 April 2012
sir/madam,
our concern is registered under maharastra value added tax act and now
we had purchase a new truck for our concern for delivering our goods.
i want to know how much vat in allowable for input
our concern is registered under maharastra value added tax act and now
we had purchase a new truck for our concern for delivering our goods.
i want to know how much vat in allowable for input
10 April 2012
Suresh ji
As per MVAT Act2002 , rule 54
No set-off under any rule shall be admissible in respect of,—
(a) purchases of motor vehicles 1[(being passenger vehicles)] which are treated by the claimant dealer as capital assets and parts, components and accessories thereof unless the claimant dealer is engaged in the business of transferring the right to use (whether or not for a specified period) for any purpose, in respect of the said vehicles and the expression “motor vehicles” and “goods vehicles” shall have the same meanings as respectively assigned to them in the Motor Vehicles Act, 1988;
This is in respect of Passenger Vehicle only, so you should get full setoff on that truck .
More opinions are invited.
As per MVAT Act2002 , rule 54
No set-off under any rule shall be admissible in respect of,—
(a) purchases of motor vehicles 1[(being passenger vehicles)] which are treated by the claimant dealer as capital assets and parts, components and accessories thereof unless the claimant dealer is engaged in the business of transferring the right to use (whether or not for a specified period) for any purpose, in respect of the said vehicles and the expression “motor vehicles” and “goods vehicles” shall have the same meanings as respectively assigned to them in the Motor Vehicles Act, 1988;
This is in respect of Passenger Vehicle only, so you should get full setoff on that truck .
More opinions are invited.
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