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Can we take mvat credit of online purchase

VAT (Legacy) 227 views 2 replies

Rupa Patel

Accountant

102 Points Posted on 27 October 2016

We purchase some items online for office use and the Invoice charges us VAT. So can we take credit of same as the online party don't have our TIN or PAN ????

Replies (2)

CA Raj Doshi

Practising CA

8954 Points Posted on 27 October 2016

Advisable not to take credit. Or take credit by contacting the party and sharing your TIN. You can Google party name address and contact them. Or you can get address from state vat website by putting TIN.

Shams

Consultant

157 Points Posted on 02 November 2016

Agree with Raj, dont take Setoff of VAT.

Depending on cost of item, capitalize the full invoice value or put full invoice value in revenue expense.

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