Vat and service tax paid on fixed asset
This query is : Resolved
14 January 2012
Dear Experts pls give your view on the following issue:
We are doing trading of mobile sets,logistics,Warehousing and supply chain management business.
We are doing business on all over India.
For smooth going of above activities we are purchasing fixed assets i.e ladders,gensets,handlers,Laptops and desktops for office work.
We are paying VAT and some cases service tax also on the above fixed assets.
My question is whether we can use input VAT for paying of our output VAT and can we use the input service tax against out output service tax.
We are doing trading of mobile sets,logistics,Warehousing and supply chain management business.
We are doing business on all over India.
For smooth going of above activities we are purchasing fixed assets i.e ladders,gensets,handlers,Laptops and desktops for office work.
We are paying VAT and some cases service tax also on the above fixed assets.
My question is whether we can use input VAT for paying of our output VAT and can we use the input service tax against out output service tax.
15 January 2012
We consider that the case is of Maharashtra and the VAT paid is MVAT.
a. You can utilise the MVAT credit of the assets subject to reductions u/s 52, 53 and 54
b. The service tax credit on assets cannot be utilised to the extent it is utilised for trading
c. The service tax credit on assets used for common services will be subject to reduction under rule 6 (3)
a. You can utilise the MVAT credit of the assets subject to reductions u/s 52, 53 and 54
b. The service tax credit on assets cannot be utilised to the extent it is utilised for trading
c. The service tax credit on assets used for common services will be subject to reduction under rule 6 (3)
Message likes :
1 times
15 January 2012
Do you have any knowledge about kolkata VAT act regarding the issue.
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
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- TDS NUMBER SURRENDER
- Gst Sales of FY 2023-24
- Offsetting interest income against derivative trading losses
- Application of 115BAC
- Legal heir raised refund , but refund issued to the closed account of deceased.
- RCM - commercial rent paid to URP under GST
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- 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 Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
