Set -off of VAT paid on repair of office
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 March 2010
Hi,
Whether Set -off can be avail of VAT tax paid on repair and maintenance of office premises ( Shop ).
If yes then how much percentage ?
Thanks
Whether Set -off can be avail of VAT tax paid on repair and maintenance of office premises ( Shop ).
If yes then how much percentage ?
Thanks
04 March 2010
As per rule 52 of MVAT rules 2005, full setoff is available on amount debited to profit and loss account. A debate is on repaires to building, being an immovable property,as per rule 54(g) were no setoff is available. The rule 54 starts with wording "No set-off under any rule shall be admissible in respect of", hence no setoff may be available on repairs of office premises (Shop).
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