input tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 July 2011
vat input tax is taken on purchase of building materials like iron, cement
CA. Ashish Bihani
(Expert)
16 July 2011
Please clarify your query.
Sunil Mate
(Expert)
16 July 2011
If you are talking about Setoff on Taxable Purchases used for Construction of Building then the answer is no.
Because the any Taxable purchases used for Building or Immovable Property (other than Plant & Machinery) is not allowed is in negative list under VAT Act.
Under Maharashtra Value Added Tax, the same will be disallowed U/s 54(h)
Because the any Taxable purchases used for Building or Immovable Property (other than Plant & Machinery) is not allowed is in negative list under VAT Act.
Under Maharashtra Value Added Tax, the same will be disallowed U/s 54(h)
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