Input tax credit on fixed asset
This query is : Resolved
29 April 2009
One of my client purchase Truck & he paid VAT on it his daily business is supply of soil to construction sites he charge 4%vat on it as a output tax his other purchase is URD My Main Question is
1. Whether he claim the input tax credit of VAT paid on Truck Purchase
2. if yes then how ?
3. if not then please provide refrance of act mention in Maharastra VAT
its urgent for me
1. Whether he claim the input tax credit of VAT paid on Truck Purchase
2. if yes then how ?
3. if not then please provide refrance of act mention in Maharastra VAT
its urgent for me
30 April 2009
Yes,
As per rule 53 you can claim the Vat as input credit but you have to take credit after reduction of 2 % means you are eligible for only 2% credit.
As per rule 53 you can claim the Vat as input credit but you have to take credit after reduction of 2 % means you are eligible for only 2% credit.
04 May 2009
means he will cliam 2% of taxpaid of purchase of truck
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