CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)
13 December 2008HELO
ABC lTD. purchaed a Mobile phone and debited to P&L A/C (As Business Purmotion exp.) in the month of Aug. 2008 Without taking cenvat credit of VAT.
Now the company is filed VAT return for the month of Nov. 2008. There is possible to taken cenvat credit of VAT on mobile phone.
Regards
Navin Jain
CA CS Akashdeep Singh
(Practicing CA)
(1394 Points)
Replied 13 December 2008
There is no concept of CENVAT credit in vat, i think you are asking about VAT INPUT credit
CA Tilak Raj Sharma
(Practising CA in Solan (H.P.))
(6374 Points)
Replied 13 December 2008
CENVAT credit is used in exise and custom duty. There is no such concept in VAT for CENVAT.
In VAT, you can take Input Credit of VAT.
L KANAGARAJ
(Assistant Manager-Finance)
(615 Points)
Replied 13 December 2008
| Originally posted by :Navin Jain | ||
| " | HELO ABC lTD. purchaed a Mobile phone and debited to P&L A/C (As Business Purmotion exp.) in the month of Aug. 2008 Without taking cenvat credit of VAT. Now the company is filed VAT return for the month of Nov. 2008. There is possible to taken cenvat credit of VAT on mobile phone. Regards Navin Jain |
" |
I hope Input VAT credit only for those items used for manufacturing purpose. Mobile Phone purchase not covered under input VAT claim.
Ignore it, if iam wrong.
Manikantan.L
(Accountant)
(20 Points)
Replied 15 December 2008
This is VAT Input.
This credit can be taken in the next month also.since it is a mobile phone it can be treated as asset so 50% credit can be availed this year balance in the next year.
Now you have treated as expenditure. so this is up to you to decide whether as Asset or exp. If it is exp. it can not taken as input credit.
With regards
MKTAN
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