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Itc on fixed asset

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 November 2017 Dear Sir, Whether VAT on Fixed Asset(Truck purchase for delivery of Goods) total credit available in the same year in which asset is purchase in MVAT Act?

Read more at: https://www.caclubindia.com/experts/credit-of-vat-on-fixed-asset-995295.asp#
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Amitav

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Amitav (Expert)
25 November 2017 If you take ITC then you can not claim Depreciation on that ITC portion as it is a Fixed Assets.
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