sajiri shah (CA Final) (112 Points)
28 April 2008hi,
plz can anyone guide me regarding vat on purchase n sale of fixed assets such as furniture n machinery?
According to me, vat paid at the time of purchasing fixed asset is not available for set off. So, at the time of reselling this asset who has to bear the incidence of tax n who has to pay it to the credit of government? I m very confused... Please guide me also regarding relevant sections... its very urgent...
thnx...
viral
(Sr.accountant)
(22 Points)
Replied 29 April 2008
on purchase of plant & machinery we can take full set off while on purchaase of furniture & fixture we will have to deduct 4% vat............tat means if we have paid 12.5% vat we will get the refund of 8.5%......all this refund is available is it is used for some mfg or business purpose only
Pankaj raghav
(Salaryed)
(20 Points)
Replied 29 April 2008
DEAR SIR
I WANT KNOWLADGE FOR SALES TAX ( VAT ) CALCULATION PALACE IN RAJASTHAN
Nilesh Damji Chheda
(Chartered Accountant)
(194 Points)
Replied 01 May 2008
Dear Sajiri,
As per rule 53 of MVAT rules, 2005 a dealer can claim set off on Fixed assets other than plant & machinery after retention of 3% i.e in case of 12.5 % u get 9.5% as set off and in case of 4% u get 1% as set off. in case of plant & machinery u get 100% of set off further as per rule 54 no set off is available in acse of motor car. in case of sale of fixed assets u have to charge vat at the rate specified in the schedule. the above provision are applicable only if capital goods are business assets
hi,
Suppose our firm's vat is payable and refundable at the end of the month, then what kind of forns i need to fill and what will be the supporting documents to file the monthly return. If is there any deductions are there plz let me know. And if u have any calculation chart also then plz send me that also
Thanks
pooja
(fashion designer)
(38 Points)
Replied 03 January 2009
plz can anyone guide me regarding vat on purchase n sale of fixed assets such as furniture n machinery?
According to me, vat paid at the time of purchasing fixed asset is not available for set off. So, at the time of reselling this asset who has to bear the incidence of tax n who has to pay it to the credit of government? I m very confused... Please guide me also regarding relevant sections... its very urgent...
RAJU
(LEARNER)
(1089 Points)
Replied 03 January 2009
Hi Pooja,
Input tax paid on purchase of goods for resale/manufacture only is eligible for credit. Tax paid for purchase of capital goods for office is not eligible for credit.
However, sale of all goods (including capital goods) are liable for VAT if the seller's turnover is in excess of limit prescribed. The same can be collected from the buyer.
Rgds/Dharmaraju
Vishal
(Service)
(22 Points)
Replied 13 August 2009
Poornima.R
(Student)
(35 Points)
Replied 13 August 2009
| Originally posted by :Vishal | ||
| " | Can somebody let me what is the rate of VAT on sale of "used" Furniture & Fixtures | " |
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