Friends,
Whether Mvat set off on capital work in progress to be taken in the year when capital goods ready to use or in the year of invoice date ?
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Mvat on capital in progress
Replies (2)
VAT is chargeable on the invoice amount or on the advances received with respect to WIP.Subsequently the tax paid on advances can be adjusted against the value of work shown in the following invoice/s........mjk
VAT is chargeable on the Tax invoice purchase amount and the nature of purchase in Capital goods or CWIP. (rule 53 applicable).
Read more at: /forum/mvat-on-capital-in-progress-365593.asp
Read more at: /forum/mvat-on-capital-in-progress-365593.asp
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