We have purchased Tractor registered with RTO for material handling .
1) Whether it is account for under Vehicle or Plant & Machinery.
2) Whether we can get input tax credit of GST paid
3) What is depreciation rate as per Companies Act?
1 Replies
Asha Kanta Sharma
(Manager - Finance & Accounts)
(36398 Points)
Replied 07 August 2024
- The same can be accounted as P/M
- Yes
- According to Schedule II, the depreciation rate for “Motor Vehicles” (which includes tractors) is 15% per annum on a Written Down Value (WDV) basis.
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