Reduction in set off

This query is : Resolved

CA Macson Lopes (Querist)
Follow

01 November 2013 whether there is any reduction in set off against VAT paid on
1."Repairs to furniture and fixture or Computer"

2. Purchase of Air Conditioner (Capital goods)

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
Follow

01 November 2013 As they are not machineries used for production of taxable goods,input paid on their repairs and purchase can not be claimed as set-off.....mjk

CA Pallav Singhania

CA Pallav Singhania (Expert)
Follow

01 November 2013 Agree with Expert,

If such machinery used in production of taxable goods then you can claim set off of VAT credit in 36 months...

Jitesh S Jain

Jitesh S Jain (Expert)
Follow

02 November 2013 In Maharashtra full input credit of VAT on Repairs of Furniture is allowable. if you have not capitalised the Repairs.

3% retention is required to be applied on A C Purchase (i.e if VAT@5% of Rs. 10000/- is levied ) then Rs 6000( 3/5) is not available balance 4000 can be claimed as set off. (see Rule 53 (7A) of the MVAT Rules

CA Macson Lopes

CA Macson Lopes (Querist)
Follow

20 November 2013 Thanks all.....

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

sachidanandam

divakar podaturu

velichety.l.narasimharao

R B Pethe

Krishna seva das

Subscribe Now

Reduction in set off

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA