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INVAT VAT SETOFF

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(Querist)
04 October 2007 Dear Sir,

Input MVAT setoff availabe for Oxygen Gas purchase @ 4% on Manufacturing industry of Transformer ?

Thanks
Deepak
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Dayal

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Dayal (Expert)
12 November 2007 If the gas is used in relation to the manufacturing of final product, yes MVAT can be availed, moroever anything debited to profit and loss account is eligible for MVAT.

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