set off on purchase of air conditioner
This query is : Resolved
26 December 2008
if we are software developmenrt company. And we purchase air conditioner VAt is charged on the bill.And we capitalised it to the Airconditioenr -Fixed Asser . Whether will we get set off for it?
26 December 2008
YES YOU CAN GET FULL S/OFF ON ALL CAPITAL ASSETS EXCEPT BLDG & MOTOR CAR
CAPITALISATION SHOULD BE NET OF VAT i.e VAT AMT SINCE CLAIMED S/OFF AT FULL SHOULD BE REDUCED FROM ASSET AMT & NOT TO BE CAPITALISED ELSE VAT DEPT SHALL DISALLOW YOUR S/OFF CLAIM
CAPITALISATION SHOULD BE NET OF VAT i.e VAT AMT SINCE CLAIMED S/OFF AT FULL SHOULD BE REDUCED FROM ASSET AMT & NOT TO BE CAPITALISED ELSE VAT DEPT SHALL DISALLOW YOUR S/OFF CLAIM
26 December 2008
As far as GVAT is concerned, I am of the opinion that u can not take credit of the VAT Amount.
In GVAT, Only Plant & Machinery under Fixed Assets is available as INPUT VAT subject to condition that the said P & M will not be sold for Next 5 Years.
In GVAT, Only Plant & Machinery under Fixed Assets is available as INPUT VAT subject to condition that the said P & M will not be sold for Next 5 Years.
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