Set Off OF Vat Paid on capital assets......
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 January 2010
Hello,
The client is engaged in wholesale trade of steel for which he purchase pick up,on which he paid MVAT @ 12.5%.
Can he is eligible for getting set off ?
In Rule 53 & 54 where it's given ?
Email ID:- pdenish54@rediffmail.com....
The client is engaged in wholesale trade of steel for which he purchase pick up,on which he paid MVAT @ 12.5%.
Can he is eligible for getting set off ?
In Rule 53 & 54 where it's given ?
Email ID:- pdenish54@rediffmail.com....
CA Deepak P. Agrawal
(Expert)
18 January 2010
Hi,
Under Rule 54(a)no set off shall be available on purchases of motor vehicles (being passenger vehicles) which are treated by the claimant dealer as capital assets and parts, components and accessories thereof.
I guess the dealer has purchased pick up van. So full set off is avvailable.
Regards
Under Rule 54(a)no set off shall be available on purchases of motor vehicles (being passenger vehicles) which are treated by the claimant dealer as capital assets and parts, components and accessories thereof.
I guess the dealer has purchased pick up van. So full set off is avvailable.
Regards
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