13 September 2011
Regarding vat credit on capital item- a hotel company purchasing a LCD projector lamp for its banquet hall. Can they get The vat credit? if yes, to what extent? if no, why?
15 September 2011
As per Rule 52(1)(a) of the MVAT Act you can claim the set off on the purchase of goods for which the Tax collected separately in the Tax Invoice of the other registered dealer the goods purchased being capital assets and the purchases which are debited to the profit and loss account or, as the case may be, the trading account.
You can claim the Set off even if you are in the Composition scheme.
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