23 March 2012
A Building Material Suppliers Having business of works contractor And Resale Of Material Purchase A JCB And Truck(Dumper) Can Availed The Set-Off Of VAT Of JCB And Truck.
25 March 2012
Under MVAT Act set off is available on capital assets in full if assets are used in business. If JCB & Truck is given on rent and VAt is paid on Hire i.e. TRANSFER OF RIGHT TO USE in such case also entitle for set off. If purely used for plying on job work then no set off is allowable.
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