VAT credit
This query is : Resolved
Md. Safi Baig
(Querist)
19 January 2009
can a purchaser take VAT credit on the purchase of machinery items booked under the head repairs & maintenance?
MAYUR JOSHI
(Expert)
19 January 2009
One can take credit of VAT Charged on purchase of stores & spares items used for maintenance of plant and marchinery and the same to be debited to stores & spared Account as consumables items.
I am of the opinion that only services related to Machinery to be debited to Repairs & Maintenance A/c.
One can take credit of VAT Charged on purchase of stores & spares items used for maintenance of plant and marchinery and the same to be debited to stores & spared Account as consumables items.
I am of the opinion that only services related to Machinery to be debited to Repairs & Maintenance A/c.
19 January 2009
yes
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