Vat on asset or expenses
This query is : Resolved
18 February 2012
dear all,
Can MVat paid on purchase of asset or Mvat paid on Expenses such as advertising, packing material etc can be clamed at time of filing Mvat return..
Can MVat paid on purchase of asset or Mvat paid on Expenses such as advertising, packing material etc can be clamed at time of filing Mvat return..
CA CS Pawan Jajoo
(Expert)
18 February 2012
MVAT paid on asset is eligible for setoff but subject to Retention u/r 53 and no setoff u/r 54 (like CAR) etc.
You can take setoff on Expenses provided it should not include exp. for Motor Vehicle.
Motor vehicle dealers can take setoff on car and their repair.
You can take setoff on Expenses provided it should not include exp. for Motor Vehicle.
Motor vehicle dealers can take setoff on car and their repair.
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