capital goods up vat
This query is : Resolved
13 October 2016
hello my query relates to up vat
one of our clients has bought a capital asset in may 2016 for which ITC first installment will begin in may 2017.
but before that in Nov 2016 he sells such capital asset what would be the effect on vat credit that will arise in 3 yrs beginning from may 2017.
04 November 2016
Dear Sanchit,
No effect on ITC....... It is available for set off .
Fixed assets (Capital Goods) can be sale any time with output vat on it.
Kaushal Garg Advocate
9213157055
No effect on ITC....... It is available for set off .
Fixed assets (Capital Goods) can be sale any time with output vat on it.
Kaushal Garg Advocate
9213157055
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- Annual return in Gst
- Value of property in capital gain
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
