Vat charged to fiixed asset
This query is : Resolved
23 September 2013
if we paid vat on purchase of Fixxed asset(machinery etc.) and take input tax credit of that vat which is paid for purchase of fixxed asset. than wether that asset receord in Balance sheet at cost price less vat amount ya including vat amount. pls reply me fast?
23 September 2013
only non refundable taxes paid on purchase of machinery can be capitalised
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