Vat audit special - set off of vat input on capial asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 January 2012
Follwing capital assets were purchased by
a manufacuring company , what would be reduction in claim of set off,while payment of Vat liability?
1.Plant and machinery
2.Mobile
3.Motor Car
4.Office Equipment
5.Computer
6.Printer
7.Furniture
8.Fuel
a manufacuring company , what would be reduction in claim of set off,while payment of Vat liability?
1.Plant and machinery
2.Mobile
3.Motor Car
4.Office Equipment
5.Computer
6.Printer
7.Furniture
8.Fuel
04 January 2012
Every state has a negative list of purchases on which input in not allowed. Pl verify the same from the list applicable for your state.
MJ Krishnamurthy
(Expert)
04 January 2012
Mr Author,
Here only the plant and machinery is entitled for input tax credit only if that lant and machinery is covered by the relevant notification.
MJK
Here only the plant and machinery is entitled for input tax credit only if that lant and machinery is covered by the relevant notification.
MJK
Prakash Kochar
(Expert)
05 January 2012
For different States provisions are different. In Maharashtra no credit for input VAT areallowed on purchases covered under rule 54 and on purchases covered under rule 53 partial retaintion as prescribed.
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