19 September 2010
Company engaged in Transmission of Electricity purchases consumables and Plant & Machinery with tax invoice. Company does not indulg in trading hence credit for input VAT is not claimed as set-off in MVAT Returns.
The company pays MVAT on sale of scrap.
Whether input credit of MVAT paid on consumables (R&M Items) can be availed as set-off while paying MVAT on scrap sale ?
Whether input credit of MVAT paid on Plant & Machinery can be availed as set-off while paying MVAT on scrap sale ?
Whether the Co. can claim refund of MVAT paid on consumables (R&M Items) which is not claimed as set-off ?
Whether the Co. can claim refund of MVAT paid on Plant & Machinery which is not claimed as set-off ?
CAclubindia
