Vat set off
This query is : Resolved
27 August 2013
I M SELLING GOLD JEWELLERY REGULARLY.I PURCHSED MACHINE OF 200009/-WITH VAT CHARGED RS 25000/-... MAY I GET VAT set off agaist gold jewellery sold..
27 August 2013
Yes it is allowed. A machine used to manufacture jewellery is a capital goods. However,in many states like Karnataka,the machinery which are considered as capital goods are notified. Input tax related only to purchase of such machines are allowed in those states. Whereas in other states,all machinery used for manufacturing purpose are taken as capital goods and input tax is allowed.It is to be clarifiedd with respect to your state...mjk
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?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
