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
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
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..
CAclubindia
