Avaling input credit on trucks purchased under mvat act
This query is : Open
18 November 2011
Dear Sir/Madam,
I would like to know whether a dealer engaged in undertaking works contract, paying tax at a composite rate of 5% under Mvat Act 2002 is allowed to claim full input credit on tempo purchased used for business purpose for transporting goods.The dealer has capitalized the said assets in its books.
I would like to know whether a dealer engaged in undertaking works contract, paying tax at a composite rate of 5% under Mvat Act 2002 is allowed to claim full input credit on tempo purchased used for business purpose for transporting goods.The dealer has capitalized the said assets in its books.
18 November 2011
Mr. Sakina,
No. This is not allowed. Under composition scheme no input credit is permitted. Even otherwise,vat paid on purchase vehicles for own use are given credit while paying output tax.
MJK
No. This is not allowed. Under composition scheme no input credit is permitted. Even otherwise,vat paid on purchase vehicles for own use are given credit while paying output tax.
MJK
19 November 2011
But sir, under Mvat Act dealers are entitled to claim input after retention @3%
And these vehicles being vehicles in nature for transportation of goods,falls under delivery vehicles.
And these vehicles being vehicles in nature for transportation of goods,falls under delivery vehicles.
22 November 2011
I require clarification for above urgently....Can u please help me out
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Rental income gst and it purpose
- Management System (IMS)
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- FTS Taxable under 115A
- EPF FULL & FINAL RULES IN 2026
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
