Mvat credit

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

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

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

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)

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