Fixed assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 March 2014
what is the effect if VAT amount is included in asset value..is it mandatory to include VAT amount in asset value?
why do we include VAT amount in asset value?
why do we include VAT amount in asset value?
05 March 2014
VAT paid on fixed assets can either be claimed as Input VAT credit or can be added to the cost of the asset.
Claiming Input VAT credit is more beneficial since it is reduced directly from the tax liability on sale of goods.
Claiming Input VAT credit is more beneficial since it is reduced directly from the tax liability on sale of goods.
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