set off vat

This query is : Resolved

swati (Querist)
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02 December 2009 Is any goods on which i paid vat i get set off or set off is get only on those goods which are related to my business Please advice

Thanking you,

swati

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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02 December 2009 Set off of vat is available for those goods which are related to your business.

If you are running two proprietory concerns- in one VAT is payable and in second VAT is Credit; then also set-off is available.

For your personal used items; VAT is not set off. Because it is indirect taxation.

CA RAKHECHA
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