do we get input credit for purchase of fixed asset namely Car while claiming set off, after goin through many answer which says 1) no set off available, 2) set off available after deducting 3% 3) set off 50% in forst year and next 50% in next year or 4) full set off in same year itself.
plz let me know exact answers
No set off is allowed on car purchased as the set off on car purchased is disallowed under rule 54(a) of the MVAT ACT , 2002
Rule 54 = Negative List
Ok ...
no set of is available for dealers except who is trading in CARS
If the same cars under fixed assets then we can not claim for set off
Hello everyone,
As per schedule V of KVAT Act
input tax on motor vehicles are restricted provided they are not purchased for the purpose of resale during the course of business
CAclubindia
