30 December 2009
As regard first querry please specify whether your dealer is a hotelier or not. Rule 53 also govern reseller. The question in second part is not clear
30 December 2009
One to one correlation means if the dealer purchases plant & machinery,should the VAT on P/M be set off only against VAT on sale of goods produced with the help of that P/M or any goods?
30 December 2009
1)The dealer who is not fully engaged in doing job work shall be entitled to claim set-off on his purchases of plant and machinery which are treated as capital assets and purchases of parts, components and accessories of the said capital assets, and on purchases of consumables, stores and packing materials in respect of a period of three years starting from the date of effect of the certificate of registration.
2)VAT is payable on sale of goods and set off is to be taken as per Sec.48 and as per rules 52,53,54,55. There is no such one to one corelation.
CAclubindia
