Query on audit TNVAT
This query is : Resolved
Prasanth VN
(Querist)
21 February 2008
Hi all,
i have one doubt please clarify the same.
One of my friend doing a business of construction of building. he buying the materials like sand, steel, cement etc., for tht that he is paying VAT also. he is not selling the same to other. he is using the same to construct the building.
whether input credit can claim in this areas.
prasanth
i have one doubt please clarify the same.
One of my friend doing a business of construction of building. he buying the materials like sand, steel, cement etc., for tht that he is paying VAT also. he is not selling the same to other. he is using the same to construct the building.
whether input credit can claim in this areas.
prasanth
22 February 2008
Under the MVAT rules this credit is not eligible.
It has been clarified that additions to land and building and all expenses related to such additions will not be elligible even if debited to P & L account
It has been clarified that additions to land and building and all expenses related to such additions will not be elligible even if debited to P & L account
22 February 2008
Vat credit shall not be available
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