Vat on capital goods
This query is : Resolved
Nilesh Patil
(Querist)
21 March 2008
Accounting treatment of vat on capital goods. hoe much set off we can avail on capital goods?
CA Hemant T Dewani
(Expert)
21 March 2008
inthis year fy 2007-08 setoff on capital goods are available reducing by 3% that is 12.5-3=9.5% only thos capital good which are not in negative list on which setoff is not available f e motor car bike scooter etc
Chintan Gajjar
(Expert)
24 March 2008
Credit of VAT paid on Capital goods is available only on newly purchased plants & machineries during the year.
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