Input tax credit on fixed asset

This query is : Resolved

Amit Lipare (Querist)
Follow

29 April 2009 One of my client purchase Truck & he paid VAT on it his daily business is supply of soil to construction sites he charge 4%vat on it as a output tax his other purchase is URD My Main Question is

1. Whether he claim the input tax credit of VAT paid on Truck Purchase

2. if yes then how ?

3. if not then please provide refrance of act mention in Maharastra VAT

its urgent for me

C.A.Javid Patel

C.A.Javid Patel (Expert)
Follow

30 April 2009 Yes,

As per rule 53 you can claim the Vat as input credit but you have to take credit after reduction of 2 % means you are eligible for only 2% credit.

Amit Lipare

Amit Lipare (Querist)
Follow

04 May 2009 means he will cliam 2% of taxpaid of purchase of truck

Upgrade to CAclubindia Pro. Subscribe Now!