Vat credit for cap assets

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 October 2012 Hi,

Querry:
Can a retailer opting composition scheme in maharashtra, claim capital assets purchased as a deduction from the turnover. Whether retention of 3% will apply.

Regards

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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24 October 2012 In Composition Scheme Input is Not allowed.

Querist : Anonymous

Querist : Anonymous (Querist)

24 October 2012 Sir,

Purchase of goods are allowed as a deduction from sales.

I would like to know from your reply as to which inputs are not allowed as a deduction from sales.

Regards

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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25 October 2012 No Input is to be Deducted from Sales.
Input is Tax Credit, & Sale is Different Thing.
There is No Relation Between Them to DEduction

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