VAT SETOFF ON FIXED ASSETS

can claim partial set off @ 3% but better veryfy with your tax consultant.

read rule 53 under mvat act retention in fixed assets 3% retention.....

Rule 53 and 54 would clarify your doubts.

Rule 53 would allow you a set off after a retention of 3% on the Office Equipments installed in your Showroom, which is essentially treated as "office" under MVAT.

Rule 54 will come into play if the purchases are effected in the period 01-04-2005 to 07-09-2006. If purchases of furniture, office equipments are made in this period, then no set off is allowed as per this Rule.

Agree with all views.