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Itc under mvat act,2002
Whether input tax credit can be availed on purchase of capital asset which is already capitalised including VAT amount under MVAT Act,2002? If yes, then under which section?
Please reply as soon as possible.
Thanks
Replies (3)
For capital goods used for manufacture : Do not capitalise vat amount. Only then full set off available u/r 52(a). For other capital goods such as furniture, computer, set off amount to be reduced by 3% and only 2% reduction.
Capital goods in my case are furniture and fixture and office equipment. So can I avail input tax credit under MVAT Act,2002 even if VAT amount is capitalised for claiming depriciation under income tax.
Furniture fixture - Vat set off available only 2%. Meaning 5 rs vat paid then only 2 rs can be claimed as set off. 3 rs reduction will be done.
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