Mvat credit on fixed assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 December 2011
can MVAT credit be claimed on fixed asset, if the VAT component is capitalised and depreciation is being claimed on the same.
10 December 2011
Mr Author, What do you mean by fixed assets..?If it is an immovable asset the VAT paid on purchases made for that asset can not be claimed credit.In some states like Karnataka the assets(capital goods)are listed in a notification.Only the VAT paid on such capital goods(machineries,plants etc)are eligible for input credit.Depreciation is allowable on all capital assets and it does not have bearing claiming of input credit...MJK
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