Can i take credit of vat paid on fixed assets
This query is : Resolved
17 December 2008
Dear Sir/Mam,
I have been auditing the Hotel. I have a query regarding wheather can the co, take credit of vat paid on the purchase of Material for the construction, furniture and fixtures, paints, saintary fitting,etc........., pls quote the relveant section as per VAT Act, it will be useful for me for the report
I have been auditing the Hotel. I have a query regarding wheather can the co, take credit of vat paid on the purchase of Material for the construction, furniture and fixtures, paints, saintary fitting,etc........., pls quote the relveant section as per VAT Act, it will be useful for me for the report
MAYUR JOSHI
(Expert)
17 December 2008
As VAT Credit of Fixed Assets is concerned,a Manufacturing unit can take credit of Only VAT Related to purchase of Plant & Machinery and stores and spared related to plant machinery.
So, I am of the opinion that A Hotel can not get VAT Credit on purchase of Material for the construction, Furniture & Fixtures, Panints etc.
So, I am of the opinion that A Hotel can not get VAT Credit on purchase of Material for the construction, Furniture & Fixtures, Panints etc.
Ravikumar.G
(Expert)
17 December 2008
You cannot take VAT credit of the above said fixed assets purchsed.
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