fixed asset register
This query is : Resolved
31 July 2008
kindly tell me as per company act the varios assets which fall under fixed asset.while preparing FAR what treatment should be given to CST,VAT,SERVICE TAX,FREIGHT,ETC.
01 August 2008
CST to be capitalised
VAT to be capitalised only if set off is not available.
ST Same treatment as VAT
Freight to be capitalised.
VAT to be capitalised only if set off is not available.
ST Same treatment as VAT
Freight to be capitalised.
01 August 2008
All ancillery or incidental cost in buying the fixed assets are to be capitalised. Statutory duties paid on purchase of fixed assets are to be capitalised to the extent these are not adjusted or claimed against any othe statutory liability.
03 August 2008
thanks
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