Suppose a dealer purchases an asset of Rs 10000 and pays Rs 400 as vat so he can take set -off of Rs 100 as per rule 53 what about the balance Rs 300 should it be capiatalised
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Retention of Vat under rule 53
Replies (3)
| Originally posted by :Pranay Kothari | ||
| " | Suppose a dealer purchases an asset of Rs 10000 and pays Rs 400 as vat so he can take set -off of Rs 100 as per rule 53 what about the balance Rs 300 should it be capiatalised | " |
Pranav,
now u can get a set-off of 2% instead of 1% so after taking the set-off of Rs.200/- the balance amt of Rs.200/- you capitalised.
i think so it " YES "
bcoz it will became u r cost , so capatilizad
i think 2% is for packing mat of tax free goods resold...pl confirm..i think retention is still 3% on assets
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