Vat set off

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sayyad muniruddin (Querist)
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14 November 2011 Furniture 4% vat, can we take full set off on 4% vat of furniture purchased?

Vat on Ele. material purchased for office use, liable to get set off?

Can Total amount of asset including vat,excise,transport be capitalised

CA SUMiT PATWARi

CA SUMiT PATWARi (Expert)
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14 November 2011 VAT rules vary from state to state. Please be specific.

And you can capitalise total amount of asset incl. vat, excise and transport, but in that case you wont be able to claim vat and excise credit(if eligible).

Either claim the eligible credit or capitalise. Both is not possible !