19 April 2010
We have a client who run a restuarent and this is a private company. It has two shop one is in running condition and another is in under construction. The company has purchased some Computers amounting Rs. 167200 and Vat on this is 8360 and also some Furniture Items for shop. These both assets is purchased for the shop which is underconstruction. Please give an expert advise on the following matter 1) Can we take VAT credit on Computer and Furniture purchased for our shop (underconstruction)and there is no sale on that particular shop. 2) Can we take credit on Crokcary purchased which is being write off in P& L a/c. Also tell me under which head i will show this amount capital goods or other goods. 3)Can we take credit on Diskwasher, Sink etc. used in Ktichen.
CAclubindia
