Query related to vat
Querist : Anonymous
I want to know whether vat can be claim on fixed assets on which 100% depreciation is claimed in the first year as they are below Rs 5000
VAT can be claimed on capital goods not on fixed assets.
capital goods means the asset which is used to trade or manufacturing the product.
fixed assets means computer, furniture,motor car etc . which you can t claim the input . becuase it is not related to use to produce the product for sale.
ex; machinery, spareparts can avail 100% input credit.
therefore please identify the assets & claim the input.
Querist : Anonymous
Dear Sir,
now my qustion is if assets is capital goods on which we availed 100% input credit can we further provide depreciation on that
Or if not than what will be appropriate to claim depreciation or to avail input credit ?
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