let me know about mvat paid on capital goods & Fix assets setoff on 100% available or not if available whats period of set off takan
5 Replies
Yajendra Adhikari
(Chartered Accountant)
(334 Points)
Replied 26 July 2012
You will not get 100% set-off for Capital Assets. There will be 2% retention in it.
Yogesh kumar
(Student)
(56 Points)
Replied 26 July 2012
U can take credit 50% in purchasing month & 50% on next year.
Yajendra Adhikari
(Chartered Accountant)
(334 Points)
Replied 26 July 2012
| Originally posted by : Yogesh kumar | ||
 |
U can take credit 50% in purchasing month & 50% on next year. |
 |
It is for Central Excise. MVAT is different
Kalyan Jadhav
(Finance Private sector)
(34 Points)
Replied 27 July 2012
Hi all
Capital item means Furniture & Fixture and other office equipment retaintion Rate is 3% only. But when u purchase a Vehicle then you can not take MVat Credit ( It should be capitalized)
Ankit Varia
(Partner at A B D and Co LLP Chartered Accountants)
(278 Points)
Replied 08 August 2012
Kindly Read MVAT Rule 53(7A) of MVAT ACT
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