In mvat - reduction in set off

In MVAT Audit form given..... ( relating to reduction in set off )

Office furnitur & equipment ( Rule 53 ( 7) (A) )

Net purchase value = 82,560

tax = 4128

total = 86688

reduction =2477

set off availabe =1651

Please clarify me How Claculate Reduction Amount ? How much % ?

Please Clarify me Rule Also............

Priyanka

CMA Student

 

Replies (7)

3% reduction in vat rate to b taken, ie vat set off to b reduced by 3%, 3% to be calculated on same amount on which vat is calculated

Please Clarify me the above Calculation Please..........

vat on purchase @ 5% = 82560*5%=4128

reduction @ 3% = 82560*3%=2477

setoff available = 4128-2477=1651

visit d link, for more info https://www.bcasonline.org/webadmin/subtop/attachedfiles/mvatact.htm

(ctrl+f for itc on capital goods)

Thank You very very much for solve my quary................ @ Nikhil Raut

Please give me All % Reduction in Set off as per rule 53

Priyanka

CMA student

dont hav whole list...will send u pm if i get it smwhr...

For office furniture and on Fuel presently 3% Retentation is available..

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