MVAT on Purchase of Capital Assets

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Rakesh Pandya (Querist)
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29 November 2008 Dear All on Purchase of Capital Assets under Maharashtra VAT. What is the ratio or Rate for which we can take set off in VAT and What is the Ratio or Rate which we have to Capitalized for All types of Assets like Plant and Machinery, Computer, Software Etc. Can We Take Hall VAT Amount as Set off on Purchase of Capital Assets Pls Help Me, Thanks in Advance

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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29 November 2008 if the capital assets are utilised for manufacturing purpose then you will take full setoff
if the capital assets are used in office then there is reduction of 3% in f y 2007-08 & balance set off is taken & value of capital assets is to be reduced of that amount