Mvat credit

Mahavat 1191 views 5 replies
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Financial Accountant
62 Points Joined July 2012

let me know about  mvat  paid on capital goods & Fix assets  setoff on 100% available  or not  if available whats period of set off takan

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On 26 July 2012 at 09:10 Report
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Chartered Accountant
334 Points Joined April 2009

You will not get 100% set-off for Capital Assets. There will be 2% retention in it.

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On 26 July 2012 at 10:20
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Student
56 Points Joined March 2012

U can take credit 50% in purchasing month & 50% on next year.

 

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On 26 July 2012 at 14:30
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Chartered Accountant
334 Points Joined April 2009
Originally posted by : Yogesh kumar

U can take credit 50% in purchasing month & 50% on next year.

 

It is for Central Excise. MVAT is different

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On 26 July 2012 at 14:49
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Finance Private sector
34 Points Joined August 2011

Hi all

Capital item means Furniture  & Fixture and other office equipment retaintion Rate is 3% only. But when u purchase a Vehicle then you can not take MVat Credit ( It should be capitalized)

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On 27 July 2012 at 17:35
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Partner at A B D and Co LLP Chartered A
278 Points Joined July 2012

Kindly Read MVAT Rule 53(7A) of MVAT ACT

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On 08 August 2012 at 16:53


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