Vat no. taken in sep 12- set off on prior pur- allowed ??
This query is : Resolved
23 September 2012
Hello everyone,
Mr. X has registered himself under MVAT on 20th sep 2012.
from April 2012 to 19th september he has purchases of Rs.400000/- on which he has paid MVAT say Rs.45000/-
My question :
Can he claim the set off of Rs.45000/- in the MVAT return for the period april to september 2012 ?
thanks in advance
waiting for your reply.
Mr. X has registered himself under MVAT on 20th sep 2012.
from April 2012 to 19th september he has purchases of Rs.400000/- on which he has paid MVAT say Rs.45000/-
My question :
Can he claim the set off of Rs.45000/- in the MVAT return for the period april to september 2012 ?
thanks in advance
waiting for your reply.
25 September 2012
Mr. X can claim setoff on purchases of goods effected during the financial year, in which liable for registration -
1. purchases of goods other than capital assets which are in stock on date of registration,
2 goods are treated as capital assets by the dealer and have not been sold before the date of effect of registration.
3. goods used or consumed for manufacture and manufactured goods are not dispose off or sold prior to effective date of registration.
1. purchases of goods other than capital assets which are in stock on date of registration,
2 goods are treated as capital assets by the dealer and have not been sold before the date of effect of registration.
3. goods used or consumed for manufacture and manufactured goods are not dispose off or sold prior to effective date of registration.
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