Reduction in set off
This query is : Resolved
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)
1."Repairs to furniture and fixture or Computer"
2. Purchase of Air Conditioner (Capital goods)
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
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...
If such machinery used in production of taxable goods then you can claim set off of VAT credit in 36 months...
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
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
20 November 2013
Thanks all.....
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