Clarification of VAT
This query is : Open
14 September 2009
I have a querry regarding MVAT.
A Company is engaged in Trading Gold and related items i.e. purchase and sale of gold but not in manufacturing or manufacturing related activities.
My querry is can they take VAT setoff paid on expenses like Printing & Stationery, Repairs & Maintainance, etc.
Also can they claim setoff on Capital goods purchased or they have to add the vat amount to the cost of asset and claim depreciation.
Hope you reply at the earliest.
A Company is engaged in Trading Gold and related items i.e. purchase and sale of gold but not in manufacturing or manufacturing related activities.
My querry is can they take VAT setoff paid on expenses like Printing & Stationery, Repairs & Maintainance, etc.
Also can they claim setoff on Capital goods purchased or they have to add the vat amount to the cost of asset and claim depreciation.
Hope you reply at the earliest.
15 September 2009
Under MVAT Rules you can claim set-off for all amounts debited to profit and loss account. Since you are not manufacturing please let us know what are this goods. Motor cars, Office Eqipemnts, Furniture etc. No set off is available on Motor car atleast. Others will depend on nature of capital asset, usually allowed(??????)
15 September 2009
The Company is trading in gold bangles, gold rings, etc.(where 1% vat is applicable)
So can it claim set off of Vat paid on printing & stationery
So can it claim set off of Vat paid on printing & stationery
21 January 2010
yes you can ckaun set off
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
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Value of property in capital gain
- Annual return in Gst
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- 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
