Vat on asset or expenses

This query is : Resolved 

18 February 2012 dear all,
Can MVat paid on purchase of asset or Mvat paid on Expenses such as advertising, packing material etc can be clamed at time of filing Mvat return..

18 February 2012 MVAT paid on asset is eligible for setoff but subject to Retention u/r 53 and no setoff u/r 54 (like CAR) etc.

You can take setoff on Expenses provided it should not include exp. for Motor Vehicle.

Motor vehicle dealers can take setoff on car and their repair.



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