An assessee is governed under the MVAT Act and is filing his monthly return under form 233. He is dealer and repairer in watches.He has purchased office equipments on which VAT is separately charged. Whether he can take VAT setoff on the above assets purchased?
3 Replies
Shambuling
(Assurance executive)
(58 Points)
Replied 10 December 2009
As per my knowledge of reading mvat an assessee is using the capital goods for shope where he is trading taxable goods so he can clame in put tax credit but condition is 2% less from at what tax percentage charged by the vendor to him.
ARVIND LAMBA
(IPCC)
(68 Points)
Replied 13 December 2009
do not apply vat on capital assets
apply vat any fixed assets = 12.5%
electronic items= 4%
CA Sunil Anwani
(CA)
(117 Points)
Replied 17 December 2009
He can Take set-off on Office Equipment after 3% reduction as per Rule 53(7A), However if the said goods are Capital assets then he can claim Full Set-off.
Recent Topics
- GSTR-9 Invoices
- Agricultural Business Loss
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
Related Threads
CAclubindia
