Clarification of VAT
This query is : Open
14 September 2009
I have a querry regarding MVAT.
A Company is engaged in Trading Gold and related items i.e. purchase and sale of gold but not in manufacturing or manufacturing related activities.
My querry is can they take VAT setoff paid on expenses like Printing & Stationery, Repairs & Maintainance, etc.
Also can they claim setoff on Capital goods purchased or they have to add the vat amount to the cost of asset and claim depreciation.
Hope you reply at the earliest.
A Company is engaged in Trading Gold and related items i.e. purchase and sale of gold but not in manufacturing or manufacturing related activities.
My querry is can they take VAT setoff paid on expenses like Printing & Stationery, Repairs & Maintainance, etc.
Also can they claim setoff on Capital goods purchased or they have to add the vat amount to the cost of asset and claim depreciation.
Hope you reply at the earliest.
15 September 2009
Under MVAT Rules you can claim set-off for all amounts debited to profit and loss account. Since you are not manufacturing please let us know what are this goods. Motor cars, Office Eqipemnts, Furniture etc. No set off is available on Motor car atleast. Others will depend on nature of capital asset, usually allowed(??????)
15 September 2009
The Company is trading in gold bangles, gold rings, etc.(where 1% vat is applicable)
So can it claim set off of Vat paid on printing & stationery
So can it claim set off of Vat paid on printing & stationery
21 January 2010
yes you can ckaun set off
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