Vat setoff on fixed assets
This query is : Resolved
21 January 2012
If a Company is in business of washing clothes every week and with contract they also provide lockers on rent so can company claim set off on lockers purchased and also set off on laptop can be claimed????please give reference in MVAT Act or Rule
22 January 2012
Yes the company can claim set off against vat on fixed assets. The company can even claim set off against any expenses made like if stationary purchased, the vat on such purchase can also be claimed even if the business of company is not dealing in papers.
23 January 2012
As per the VAT Act of almost all the states in India , Plant and machinery used for manufacture or business or in case of trading busness , furniture and fixture purchased is allowed.
You have to check whether MVAT Act and its Rule gives the shedule specifying the Items eligible for ITC or not. Further such ITC in some states are allowed in installments . You have to check the same.
You have to check whether MVAT Act and its Rule gives the shedule specifying the Items eligible for ITC or not. Further such ITC in some states are allowed in installments . You have to check the same.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Eway bill not cancelled within 24 hous what can be due
- EXPORT COMMERCIAL INVOICE HSN CODE
- Filling ITR - U
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- CREDIT NOTES WITHOUT GST
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
