Vat on capital goods

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Nilesh Patil

Nilesh Patil (Querist)
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21 March 2008 Accounting treatment of vat on capital goods. hoe much set off we can avail on capital goods?

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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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

Chintan Gajjar (Expert)
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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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