12 December 2015
sir i have paid vat on machinary which i have taken on rent??/ so can i take credit of vat paid on this and how can i claim and what will be the accounting entey???
12 December 2015
Output tax liability against which the credit of the tax paid on the hiring of the assets is available to set off against the output liability.
Renting Of Machinery you can group Purchases Input tax under Duties & Taxes. While filing return you can add renting amount either in others or with Applicable % of purchases i.e.5.5% as applicable.
CAclubindia
