will VAT on capital goods not used for production say office equipment be included in its total cost?
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Vat on capital goods
Replies (2)
As per AS-10..refundable taxes are not included in cost of the fixed assets....If u intend to take VAT credit then it wont b included. But as per ur question it seems u will only take depreciation on the fixed asset since its not used for production....therefore it shud b incluyded in the cost.
| Originally posted by : raunak | ||
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As per AS-10..refundable taxes are not included in cost of the fixed assets....If u intend to take VAT credit then it wont b included. But as per ur question it seems u will only take depreciation on the fixed asset since its not used for production....therefore it shud b included in the cost. |
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