sourabh rai (study) (29 Points)
21 November 2008Respected Sirs/Madams
1)PLs reply me whether a Company can get Set off for VAT paid on Capital goods. Actually i want to know what is the provision for getting VAT set off.
2) if the asset is sold during the year then when it is appropriate to account Depreciation on same.
ca.ramakrishna
(Chartered Accountant)
(313 Points)
Replied 21 November 2008
hi sourab..
VAT paid on Capital goods can be claimed.but you can claim only 50 percent of VAT paid during the first year.balance can utilise in the subsequent year. this provision is similar to excised duty payment on capital goods.
ca.ramakrishna
(Chartered Accountant)
(313 Points)
Replied 21 November 2008
under companies act depreciation on sold asset can claimed on prorata basis i.e for used period
under income tax act sale proceeds should be deducted from the block and depreciation can be claimed on the remaing block.
CA Harbinder
(CA )
(1245 Points)
Replied 22 November 2008
| Originally posted by :sourabh rai | ||
| " | Respected Sirs/Madams 1)PLs reply me whether a Company can get Set off for VAT paid on Capital goods. Actually i want to know what is the provision for getting VAT set off. 2) if the asset is sold during the year then when it is appropriate to account Depreciation on same. |
" |
Anilkumar Mukesh Tumma
(Service)
(20 Points)
Replied 22 November 2008
Interest Calculation on delay payment of regular Monthly VAT Payment, please suggest me the % ?
pankaj
(student)
(118 Points)
Replied 03 February 2009
whether we get set of on tax free goods, if yes on which products & how much
Supriya Suhas Sawale
(Article clerk)
(56 Points)
Replied 04 April 2010
Hey friends tell me is it necessary that our vat receivable ledger should tally with the input tax credit utilised.
B'coz in some of our cases we claim the ITC but this invoice is not debited in vat recv a/c since it is LC payment.
So can we claim ITC on such purchases.
Supriya Suhas Sawale
(Article clerk)
(56 Points)
Replied 04 April 2010
Dear Mr.Ramkrishna i think this provision on vat on capital goods which u have discussed is related to service tax instead of vat. Plz clarify if i am wrong
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