Credit input tax
This query is : Resolved
06 December 2011
want to know, whether some is eligible to take credit input under UP VAT, for the tax paying on goods purchased from UP and consumed in construction of kitchen/ restaurant building.
though there is only purchases for said building construction. no sale is executed because restaurant is under construction.
though there is only purchases for said building construction. no sale is executed because restaurant is under construction.
07 December 2011
There are two options available with You:-
1. Either take the credit of input tax on the goods purchased and then avail such credit against goods that will be sold after the said restaurant construction. In this case you will have to carry forward the credit to the next period by filing VAT returns.
2. Or you can simply add the value of VAT levied on the goods purchased to their cost and capitalise them and claim depreciation upon them.
CA. RICHI SAXENA
1. Either take the credit of input tax on the goods purchased and then avail such credit against goods that will be sold after the said restaurant construction. In this case you will have to carry forward the credit to the next period by filing VAT returns.
2. Or you can simply add the value of VAT levied on the goods purchased to their cost and capitalise them and claim depreciation upon them.
CA. RICHI SAXENA
Message likes :
1 times
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
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Dep. as per companies act
- Applicability of GST on Salary Reimbursement Component
- GST ISSUE OF INPUT AND OUTPUT GST
- Salary from Qatar in Dollars in India
- TDS on purchase of under construction property from a reseller
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
