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Setoff Provision under MVAT

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(Querist)
28 November 2009 I would like to know the nature of expenses of which we can take setoff against our MVAT liabilities.
Can anyone mail me the concern provision in MVAT Act. at ankit@vinergy.in
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Amol Suresh Sinkar

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Amol Suresh Sinkar (Expert)
01 December 2009 Please refer to Rule 53 for reduction in set-off & Rule 54 non admisibility of Set-off as per Mahrashtra Vat Act.
Any expenses debited to Profit & Loss A/c. will liable for set-off except Repairs to Building & Repairs to Vechile.
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