We have rebuilding expenditure for Plant & Machinery and received VAT Invoice for parts, consumables etc. How the VAT credit utilised? Whether VAT credit utilised in every month or utilised when the expenditure transfered to Fixed Assets.
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Vat credit
Replies (4)
u can claim VAT credit in four parts.
What is rebuilding exp.
Rebuilding Expenditure means expenses incurred for old machine to bring in condition to use for production and capitalised the value when ready to put to use. When VAT credit taken for such expenditure?
You can claim credit after completion of work of construction. or when u sold dat one!
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