help me ( VAT query) urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 September 2010
VAT credit on capital goods can be set off aganist trading goods?
16 September 2010
Yes but subject to specific law/exceptions of state concerned.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
17 September 2010
thank u sir..
And what about in A.P?
And what about in A.P?
17 September 2010
Many of the things you buy will carry a VAT charge, but if you are registered for VAT you can normally claim a credit for the VAT charged on most business purchases. This is your Input Tax. It includes not only the VAT on your purchases of raw materials or on goods purchased for resale, but also the VAT on things like:
a) Capital goods, such as machinery or equipment for use in the business;
b) Tools and accessories used in the business
It does not include VAT paid on goods for someone else’s business or VAT on private purchases, such as furnishings for your home and those goods mentioned in the negative list in the APVAT Act. VAT charged in these circumstances is not your input tax.
a) Capital goods, such as machinery or equipment for use in the business;
b) Tools and accessories used in the business
It does not include VAT paid on goods for someone else’s business or VAT on private purchases, such as furnishings for your home and those goods mentioned in the negative list in the APVAT Act. VAT charged in these circumstances is not your input tax.
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