Vat audit special - set off of vat input on capial asset

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2012 Follwing capital assets were purchased by
a manufacuring company , what would be reduction in claim of set off,while payment of Vat liability?
1.Plant and machinery
2.Mobile
3.Motor Car
4.Office Equipment
5.Computer
6.Printer
7.Furniture
8.Fuel

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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04 January 2012 Every state has a negative list of purchases on which input in not allowed. Pl verify the same from the list applicable for your state.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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04 January 2012 Mr Author,
Here only the plant and machinery is entitled for input tax credit only if that lant and machinery is covered by the relevant notification.
MJK

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Prakash Kochar

Prakash Kochar (Expert)
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05 January 2012 For different States provisions are different. In Maharashtra no credit for input VAT areallowed on purchases covered under rule 54 and on purchases covered under rule 53 partial retaintion as prescribed.