Poonawalla fincorp
Poonawalla fincorp

Cenvat , vat & depreciation

This query is : Resolved 
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(Querist)
10 November 2014 can we take credit of cenvat & VAT from Purchase of Machinery and also take as asset ( Machine purchase value + excise duty + Vat )
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
21 November 2014 You CANNOT take multiple benefits of the tax.

You can either claim depreciation on tax portion of the asset or take credit of the tax.

You CANNOT avail both the benefits simultaneously.

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