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

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
Follow

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

MJ Krishnamurthy (Expert)
Follow

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

Prakash Kochar

Prakash Kochar (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA.Pinank Arvindbhai Shah

venkanna setty

Vignesh Killur

Tax Expert Group

NIKHIL GUPTA

Subscribe Now

Vat audit special - set off of vat input on capial asset

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

CA Final

Article Assistant

GST CONSULTANCY

Accountant