Hi friends,
I am working in a company where there is mix of exempted and taxble sale iteams ( For VAT ) and in a situation claiming of inputs on fixed assest we can't claim 100% input credit, input can be claimed to the extent of the propoation of taxable sale on total sale . My question is can i transfer remaining disallowed input credit to the fixed assets.
Thank you in advance
INput Tax Credit on capital assets is allowed 100%. Does that answer your question or Do you have something else in mind?
CA Ishaan Patkar
hi Ishaan if it was a trading company with mix of vatable and non-vatable sale iteams in the turn over, the input on capital assets are not allowed 100%. Only the praposation of vatable turnover out of total turnover is alllowed for input credit. i.e ( Input on capital assets * ( vatable turnover/total turnover ).
My question ragarding disallowed input credit...
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