I will be grateful who will give me the correct suggestion on my doubt-
I, Prashant D Mane, Newly Joined a Pvt. Ltd. Company. Company is a manufacturer of Machineries used in News Paper Industry. As the Machineries being used in a news paper industry, the co. charges MVAT @ 4% on its sale. The co. justify that it is a capital expenditure for any Newspaper Industry therefore the machineries falls under "Capital Good" Schedule entry.
Schedule C shows the item attracts 4% Vat and I could not find any machinary except agricltural machinary.
News print and Paper is taxable @ 4% bit that does not mean that anything used for production of News print will also be taxed @ 4 %. I suggest you to have a look at Schedule C and then decide.
CAclubindia
