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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Mvat credit
Replies (5)
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 | ||
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U can take credit 50% in purchasing month & 50% on next year. |
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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
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