Jagdish Bhalia (Practicing CA) (453 Points)
29 May 2010Dear Freinds,
Input Vat credit on purchases of consumble can be claimed by the dealer. A manufacturing dealer purchased Machinery spares parts and other consumables which are used in factory and charged to P& L account.
Pls tell me can the dealer claim Input VAT credit on the same under Rajathan Value added tax, 2003
CA Mohit kumar jain
(Searching Source of Money)
(149 Points)
Replied 29 May 2010
| Originally posted by : Jagdish Bhalia | ||
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Dear Freinds, Input Vat credit on purchases of consumble can be claimed by the dealer. A manufacturing dealer purchased Machinery spares parts and other consumables which are used in factory and charged to P& L account. Pls tell me can the dealer claim Input VAT credit on the same under Rajathan Value added tax, 2003 |
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Yes Dealer Can Claim Vat Input, he is eligible for it, he claim it in two installment if capital goods purchase amount is more than rs. 100000 if less than it than he can claim in one time, & he charged in P&L is wrong treatment as per IT Act
sagar
(Chartered Accountant)
(131 Points)
Replied 16 June 2010
u mean, it should have been capitalisd...
CAclubindia
