capital goods up vat
This query is : Resolved
13 October 2016
hello my query relates to up vat
one of our clients has bought a capital asset in may 2016 for which ITC first installment will begin in may 2017.
but before that in Nov 2016 he sells such capital asset what would be the effect on vat credit that will arise in 3 yrs beginning from may 2017.
04 November 2016
Dear Sanchit,
No effect on ITC....... It is available for set off .
Fixed assets (Capital Goods) can be sale any time with output vat on it.
Kaushal Garg Advocate
9213157055
No effect on ITC....... It is available for set off .
Fixed assets (Capital Goods) can be sale any time with output vat on it.
Kaushal Garg Advocate
9213157055
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