Please advice me whether I can get input mvat credit set off of VAT paid on :
1. Repiars & maintenance of buildings
2. motor car expenses (Repairs of motor car)
3. Machinery/Office equipment which is in capital WIP (Subject to retention if any)
4. Building which is under capital WIP
Please help as early as possible
Thanks & Regards
No Set off available in case of any expenditure relating to Building
In Case of repairs of motor Car you can take set off fully
In case of machinery you can tk full set off after completion of it
And office equipment subject to 3 % reduction
Thank you sir
So I cant get input cr of Capital WIP till they are not completed and I can get credit in the period in which the asset is put to use. Correct?
Yes
You are correct after completion you can take full credit of vat on machinery
CAclubindia
