MVAT on Purchase of Capital Assets
This query is : Resolved
Rakesh Pandya
(Querist)
29 November 2008
Dear All on Purchase of Capital Assets under Maharashtra VAT. What is the ratio or Rate for which we can take set off in VAT and What is the Ratio or Rate which we have to Capitalized for All types of Assets like Plant and Machinery, Computer, Software Etc. Can We Take Hall VAT Amount as Set off on Purchase of Capital Assets Pls Help Me, Thanks in Advance
CA Hemant T Dewani
(Expert)
29 November 2008
if the capital assets are utilised for manufacturing purpose then you will take full setoff
if the capital assets are used in office then there is reduction of 3% in f y 2007-08 & balance set off is taken & value of capital assets is to be reduced of that amount
if the capital assets are used in office then there is reduction of 3% in f y 2007-08 & balance set off is taken & value of capital assets is to be reduced of that amount
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