Madhya pradesh vat - intangible assets - itc
This query is : Resolved
28 September 2015
Dear Experts,
Company has paid VAT on sale of some rights @ 5% in Madhya Pradesh (Entry no. 3 Sch II Part II).
As per prima facie reading of section 14 of MP VAT act, it appears that ITC is not available on such transaction.
Can anyone help with relevant case laws/section under which ITC is allowed on intangible assets purchased.
Regards
Company has paid VAT on sale of some rights @ 5% in Madhya Pradesh (Entry no. 3 Sch II Part II).
As per prima facie reading of section 14 of MP VAT act, it appears that ITC is not available on such transaction.
Can anyone help with relevant case laws/section under which ITC is allowed on intangible assets purchased.
Regards
28 September 2015
Mr Mittal : No ITC can be claimed on purchases of intangible assets,because they are not direct raw materials nor retraded goods....mjk
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