Set off
This query is : Resolved
10 July 2012
WE ARE A PHARMACEUTICAL COMPANY in Maharashtra WHETHER SET OFF is ELIGIBLE FOR PURCHASE OF MOBILE handset
10 July 2012
it is depend on your state in some state vat on capital asset is set-off against vat payable.
10 July 2012
WE ARE A PHARMACEUTICAL COMPANY in Maharashtra WHETHER SET OFF is ELIGIBLE FOR PURCHASE OF MOBILE handset
11 July 2012
THIS INFO IS AS PER MAHARASHTRA VAT ACT 2005.....I DON'T KNOW IF THERE ARE ANY CHANGES AFTER THAT. (BUT PRACTICALLY SPEAKING AND AS PER APVAT ACT INPUT ON OFFICE EQUIPMENT,PRINTING,STATIONERY AND MOBILE PHONES ARE NOT ELIGIBLE).
Input Tax Credit (ITC) (Set off):– [Sec. 48, Rules 51 to 56]
Eligibility: – All registered dealers, whether manufacturer or traders, are eligible to take full set off of the taxes paid on inputs; i.e., Value Added Tax paid, within the State of Maharashtra, on purchases of Raw Material, Finished Goods and Packing Material, or any goods debited to profit and loss account.
Entry Tax: – The amount of entry tax, paid by a registered dealer on the goods the sale of which is liable for VAT under MVAT, will be eligible for full set off.
ITC on Capital Goods: – Tax paid on certain items of capital goods (defined) such as machinery, components, parts and spares etc. are also eligible for full set off. (On certain other items of capital assets such as furniture and fixtures, office equipments, etc. set off is admissible, subject to retention @ 3%, w.e.f. 8-9-2006)
ITC on Miscellaneous Goods: – The amount of Vat paid on purchase of miscellaneous goods, debited to Profit & Loss A/c. (such as printing and stationery, repairs, sales promotion etc.) also eligible for full set off.
Input Tax Credit (ITC) (Set off):– [Sec. 48, Rules 51 to 56]
Eligibility: – All registered dealers, whether manufacturer or traders, are eligible to take full set off of the taxes paid on inputs; i.e., Value Added Tax paid, within the State of Maharashtra, on purchases of Raw Material, Finished Goods and Packing Material, or any goods debited to profit and loss account.
Entry Tax: – The amount of entry tax, paid by a registered dealer on the goods the sale of which is liable for VAT under MVAT, will be eligible for full set off.
ITC on Capital Goods: – Tax paid on certain items of capital goods (defined) such as machinery, components, parts and spares etc. are also eligible for full set off. (On certain other items of capital assets such as furniture and fixtures, office equipments, etc. set off is admissible, subject to retention @ 3%, w.e.f. 8-9-2006)
ITC on Miscellaneous Goods: – The amount of Vat paid on purchase of miscellaneous goods, debited to Profit & Loss A/c. (such as printing and stationery, repairs, sales promotion etc.) also eligible for full set off.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- ITC EXCESS CLAIM + RCM NOT PAID...BOTH FOR FY 2020-21......PAID IN FY 2024-25....EFFECT
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
