Query related to vat
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 February 2011
Dear Sir/madam
I want to know whether vat can be claim on fixed assets on which 100% depreciation is claimed in the first year as they are below Rs 5000
I want to know whether vat can be claim on fixed assets on which 100% depreciation is claimed in the first year as they are below Rs 5000
05 February 2011
Hi
VAT can be claimed on capital goods not on fixed assets.
capital goods means the asset which is used to trade or manufacturing the product.
fixed assets means computer, furniture,motor car etc . which you can t claim the input . becuase it is not related to use to produce the product for sale.
ex; machinery, spareparts can avail 100% input credit.
therefore please identify the assets & claim the input.
VAT can be claimed on capital goods not on fixed assets.
capital goods means the asset which is used to trade or manufacturing the product.
fixed assets means computer, furniture,motor car etc . which you can t claim the input . becuase it is not related to use to produce the product for sale.
ex; machinery, spareparts can avail 100% input credit.
therefore please identify the assets & claim the input.
Message likes :
1 times
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 February 2011
Dear Sir,
now my qustion is if assets is capital goods on which we availed 100% input credit can we further provide depreciation on that
Or if not than what will be appropriate to claim depreciation or to avail input credit ?
Dear Sir,
now my qustion is if assets is capital goods on which we availed 100% input credit can we further provide depreciation on that
Or if not than what will be appropriate to claim depreciation or to avail input credit ?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- Confusion around Form 26QB fields
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
