Query on vat credit??
This query is : Resolved
Venkatesh N Dhongadi
(Querist)
14 September 2012
Can VAT Credit be availed on a old machinery (1965) purchased for demonstration (Advertising 7 Sales Promotion). The Machinery is not used for production purpose currently.
CA RICHA BADALIA
(Expert)
14 September 2012
Since machinery is not being used for production you cannot claim input tax on it. Capitalise the VAT amount with the asset .
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