Can we take setoff on capital goods where we are charging depreciation i.e. cost of goods is capitalised along with VAT??
please explain with reference??
Dear ,
As per the correct procedure, you can set off the input credit on capital goods only when you have not capitalised the VAT amt in the books.Only cost of asset excluding VAT should be capitalised to avail VAT input credit on capital goods.
Leave a Reply
Your are not logged in . Please login to post replies
CAclubindia
