arti mehta (Article) (70 Points)
08 August 2011
Can Complete Set-off of VAT Tax be claimed paid on purchase of Fixed Assets?? Or is there a ratio on claiming deduction of vat tax paid on purchase of particular Fixed Assets??
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 08 August 2011
It depends on state VAT Act. As per karnataka vat act entire credit can be taken on fixed asset and setoff can be done.
Regards
Dayananda
Dheerendra
(Finance Incharge)
(122 Points)
Replied 08 August 2011
as per karnataka vat except the fifth schedule goods you can take entire credit on vat purchases (fixed assets goods) and its depend on business.
Manoj Sawant
(Student)
(138 Points)
Replied 09 August 2011
yes its depend upon state vat act.in maharashtra state vat act yes its depend upon state vat act, in Maharashtra vat act 3% deduction can be taken from vat amount.
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