Inpur vat credit
This query is : Resolved
19 April 2012
Ours is a service oriented concern having service charges as 99% income in the P&L. when we are selling fixed assets, can we adjust the vat paid on the sales of fixed assets against the inputvat on bills receive by us against some other purchases made by us during the course of business
can any body clarify
Reg,
G.kannan
Ours is a service oriented concern having service charges as 99% income in the P&L. when we are selling fixed assets, can we adjust the vat paid on the sales of fixed assets against the inputvat on bills receive by us against some other purchases made by us during the course of business
can any body clarify
Reg,
G.kannan
19 April 2012
As per my opinion , unless and untill you are registered under VAT , you can not adjust the Input VAT on Fixed Asset.
Further opinion are invited
Further opinion are invited
20 April 2012
Thanks Mr. Pawan, we are registered under VAT, My querry is we are a service oriented unit whether we can adjust the input vat on other purchases against the output tax paid by us on sale of fixed assets.
Reg,
G.Kannan
Reg,
G.Kannan
20 April 2012
YEs in that case you can take set off , subject to retention on Office equipment, furniture.
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
- Off Market debit and credit transaction
- Itr 1 processing
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR validation error - Balance sheet is not filled
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Query regarding TDS on EPFO Higher Pension Arrears*
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
