Friends,
Whether Mvat set off on capital work in progress to be taken in the year when capital goods ready to use or in the year of invoice date ?
2 Replies
MJ Krishnamurthy
(ACCT(Retd))
(7197 Points)
Replied 16 July 2016
VAT is chargeable on the invoice amount or on the advances received with respect to WIP.Subsequently the tax paid on advances can be adjusted against the value of work shown in the following invoice/s........mjk
sandesh naringrekar
(service)
(79 Points)
Replied 21 July 2016
VAT is chargeable on the Tax invoice purchase amount and the nature of purchase in Capital goods or CWIP. (rule 53 applicable).
Read more at: /forum/mvat-on-capital-in-progress-365593.asp
Read more at: /forum/mvat-on-capital-in-progress-365593.asp
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