in the case of vat
This query is : Resolved
13 July 2011
sir,
i want to know that if we have purchased any goods with tax invoice and vat applicable on such goods and the goods capitalized in the firm. so how can we adjust vat liabilities in such case. can i claimed the input vat liabilities from such goods.
what is the procedure and which entry passed in such case ?
i want to know that if we have purchased any goods with tax invoice and vat applicable on such goods and the goods capitalized in the firm. so how can we adjust vat liabilities in such case. can i claimed the input vat liabilities from such goods.
what is the procedure and which entry passed in such case ?
13 July 2011
This is called VAT on Capital Goods. Set off is allowed for capital goods also but is to be spread over a period.
At the time of purchase of machinery debit machinery and VAT Set off Capital goods with the respective amount. This will help in claiming VAT set off.
At the time of purchase of machinery debit machinery and VAT Set off Capital goods with the respective amount. This will help in claiming VAT set off.
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