09 July 2013
Sir, Plz tell me if we purchased Fixed Assets by paying 12.5% VAT so can we take VAT input if yes then it will be 12.5% fully . Plz explain
While putting any query about VAT the name of State must be given. VAT Rules are governed and framed by STATE. Rules and Procedure differ from State to State.
Normally the VAT paid on Fixed Assets is allowed as INPUT CREDIT but not entirely in one year but in three or more years.
CAclubindia
