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Input MVAT adjustment with 1% MVAT on sale of property

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 July 2010 Please do answer the following query :-

Whether MVAT paid for construction materials like cement, steel etc. can be adjusted with the 1% MVAT on sale of property ?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
23 July 2010 No. 1% is to be levied under composition scheme and hence no credit for any thing can be taken.

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