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VAT credit on car purchased

Mahavat 7614 views 8 replies

Hi all,

We have purchased a car in oct 2010.

Can we take vat credit of the car while calculating the VAT liability.

Car is purchased on my dads name as he is proprietor of the company.

Regards

Vasant

Replies (8)

Input VAT on purchase of Car cannot be claimed while computing the VAT liability.


Regards,

Devendra

it is not input in  manufacture  a product so u can not get vat credit of the car while calculating the VAT liability.

It falls under category of Input tax restricted goods. Hence you can not claim VAT credit.

Regards

Dayananda

You cannot claim vat credit of Car,although it is a capital asset but it is a personal asset for human consumption ,hence vat credit is not allowed.Suppose u have purchased plant & Mach for that input is aloowed .

You cannot claim vat credit of Car,although it is a capital asset but it is a personal asset for human consumption ,hence vat credit is not allowed.Suppose u have purchased plant & Mach for that input is aloowed .

No, Vat is only claimed of thats goods which directly relates to the buisness of the assessee.

So, vat is not claimed for the same.

car is neither input, nor capital goods classified as plant and machinery, hence no input credit allowed, 

Exception : person engaged in dealing in car buy and sales can take input credit for set off in sale of car.

NO VAT CAN BE CLAIMED ON THAT ASSETS WHICH IS DIRECTLY OR INDIRECTLY INVOLVED MANUFACTURING OR PRODUCTION ACTIVITY SO YOU CANNOT CLAIMED VAT ON CAR BECAUSE CAR IS A CAPITAL ASSET THAT'S NOT INVOLVED IN MANUFACTURING OR PRODUCTION ACTIVITY OK GOT IT.............


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