Credit allowability
This query is : Resolved
30 April 2014
A car is purchased by a pvt. company in the name of the company and vat is paid.
After 5 years the car is sold and vat is charged.
Can the output Vat be set off against the Vat paid during purchase of car??
After 5 years the car is sold and vat is charged.
Can the output Vat be set off against the Vat paid during purchase of car??
30 April 2014
No. it is not possible now after 5 years of purchase
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