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Tractor for material handling

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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?

Replies (1)
  1. The same can be accounted as P/M
  2. Yes
  3. 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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