Whether vat paid against property purchased
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 December 2011
Please tell me whether vat paid on purchased of commercial property will be eligible for set off against vat payable on sell of goods.
26 December 2011
If the commercial property is classified as asset in the books of accounts, you cannot set-off the VAT paid. If the property is treated as stock, you can take the VAT credit.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
26 December 2011
AND pls. also tell me whether service tax charged on purchased of property can be availed as cenvat against sale of goods.
27 December 2011
Same analog applies to Service Tax also. The ST component has to be added to the cost of property.
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