Akhil jain
(Student)
(20 Points)
Replied 04 December 2008
cn some one clarify me tat vat credit is available on fixid asset which is purchase for business purpose? in yes in such this case wat will be the cost of asset for organisation....?
RAJU
(LEARNER)
(1089 Points)
Replied 06 December 2008
Hi Anand,
VAT is payable on sale of goods. Since computer scrap falls under the category of goods, VAT needs to be paid if your turnover has already exceeded the exemption limit. I believe the provisions w.r.t this in the all the states are simiilar.
Akhil,
The Fifth Schedule to the Karnataka VAT Act, provides for list of items which are input tax restricted goods and accordingly credit cannot be availed if these are not resold/used for manufacture of goods for sale
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