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Setoff

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(Querist)
10 August 2010 Hi,

We import goods and supply to various dealer as a result we do not get setoff on Vat. Can we take setoff of Expenses,Fixed asset and what percentage is allowed
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VINOD ARORA

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VINOD ARORA (Expert)
10 August 2010 VAT on capital goods is allowed in certain states, may be over a number of years in a phased manner.

In respect of VAT paid for indirect expenses, generally VAT offset is not allowed.

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