Dear Experts,
On the company which i am auditing they have capitalised the CENVAT and VAT paid for the fixed assets. For the 2nd year while claiming depreciation they have also claimed including the CENVAT and VAT. As per my knowledge CENVAT and VAT should not be capitalised and it has to be reversed.

2nd doubt is Whether VAT paid for capital goods can be used to set-off the VAT payable by the company. For Example VAT liability comes for Rs. 140 and VAT input credit available is Rs.100 and VAT input credit for capital goods is rs. 10. Is it sufficient the company pays Rs.30 for VAT tax.

Pls. clarify me
With regards,
Rajesh

Hi,

What would be the accounting treatment in the following case ?

If the asset has zero book value but in perfect working condition.

Please also cite the relevant accounting standards that need to be followed.

Thanks,
Sai Krishna

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