set off vat
This query is : Resolved
02 December 2009
Is any goods on which i paid vat i get set off or set off is get only on those goods which are related to my business Please advice
Thanking you,
swati
Thanking you,
swati
02 December 2009
Set off of vat is available for those goods which are related to your business.
If you are running two proprietory concerns- in one VAT is payable and in second VAT is Credit; then also set-off is available.
For your personal used items; VAT is not set off. Because it is indirect taxation.
CA RAKHECHA
SURAT
If you are running two proprietory concerns- in one VAT is payable and in second VAT is Credit; then also set-off is available.
For your personal used items; VAT is not set off. Because it is indirect taxation.
CA RAKHECHA
SURAT
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