During the current FY Company has purchased one plant ,MVAT on it is Rs 100000/-.In how many instalments company can claim set off ..
1 Replies
PANKAJ SHARMA
(ACCOUNTS MANAGER)
(79 Points)
Replied 05 March 2010
In Case of Plant & Machinery purchased 100% VAT can be claimed for Set-off in the Year of Purchase itself. Whereas in Case of Furniture & Fixtures and Office Equipments 2% Vat has to be retained rest can be claimed for Set-off & the retained amount is to be capitalised and in case of Electrical Installation no Set-off is available i.e it has to be capitalised 100%.
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