Input credit of mvat paid on purchase of fixed assets
This query is : Resolved
27 October 2014
Dear Sir/Madam,
Kindly answer the following query:
A person is in the business of trading electronic goods. Will he get set off for Mvat paid on purchase of the following Fixed Assets:
1)Air Conditioner
2)Mobile Phone
3)Laptop
4)LED TV for Camera
Also mention whether total set off will be available or the same will be subject to retention of 3% .
Kindly answer the following query:
A person is in the business of trading electronic goods. Will he get set off for Mvat paid on purchase of the following Fixed Assets:
1)Air Conditioner
2)Mobile Phone
3)Laptop
4)LED TV for Camera
Also mention whether total set off will be available or the same will be subject to retention of 3% .
27 October 2014
in my opinion no ITC will be there on above assets.
you must refer the definition of FA as per Act before availing ITC.
you must refer the definition of FA as per Act before availing ITC.
27 October 2014
According to me there is no definition of Fixed Assets in the Mvat Act . We have to consider Fixed assets as Capital Assets only.and we are allowed to claim ITC on purchase of Capital Assets . I want to know on which of the assets ITC will be subject to Retention of 3% or appropriately the classification of the above mentioned assets & which of them fall under Furniture & Fixtures, Office Equipments Or Electrical Installations
Kindly reply urgently..
Kindly reply urgently..
27 October 2014
ok, if there is no definition of Fixed asset then there must be capital goods definition.and in capital good definition machinery and spare parts can be considered as capital goods.
all above mentioned items can be treated as office equipment.so retention of 3% shall be applicable for all items.
all above mentioned items can be treated as office equipment.so retention of 3% shall be applicable for all items.
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