Inpur vat credit
This query is : Resolved
19 April 2012
Ours is a service oriented concern having service charges as 99% income in the P&L. when we are selling fixed assets, can we adjust the vat paid on the sales of fixed assets against the inputvat on bills receive by us against some other purchases made by us during the course of business
can any body clarify
Reg,
G.kannan
Ours is a service oriented concern having service charges as 99% income in the P&L. when we are selling fixed assets, can we adjust the vat paid on the sales of fixed assets against the inputvat on bills receive by us against some other purchases made by us during the course of business
can any body clarify
Reg,
G.kannan
19 April 2012
As per my opinion , unless and untill you are registered under VAT , you can not adjust the Input VAT on Fixed Asset.
Further opinion are invited
Further opinion are invited
20 April 2012
Thanks Mr. Pawan, we are registered under VAT, My querry is we are a service oriented unit whether we can adjust the input vat on other purchases against the output tax paid by us on sale of fixed assets.
Reg,
G.Kannan
Reg,
G.Kannan
20 April 2012
YEs in that case you can take set off , subject to retention on Office equipment, furniture.
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