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PURCHASE OF FIXED ASSETS THAT PURCHASE TO CLAIM THE VAT
PAYMENT ?
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Answer Posted / dharmendra jha
Generally we consider the value of vat on purchase of fixed assets as a Value of Assets so the To Total Value of Assets should be (Cost of Assets + Vat)
And 2nd provision is also available in VAT Act,
We can claim the Vat amount as a CENVAT Credit on purchase of capital goods and it is 50% available for first year and remaining in other year....
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The company i approached asked me that they are registered Manufacturer to market fire extinguishers. They have both VAT & CST registration. When they supply material out of state i.e. under "C" form, to a Dealer who is also registered with CST and who can issue "C" form but for product paint. Will the "C" form issued by the Dealer be acceptable to us. What law governs, since the dealer is not registered to trade in Fire Extinguishers? In the first instance will he be able to issue "C" form at all i.e. Will the government allow him to issue "C" Form, if so under what norms? In the case that my company is the Dealer and registered for trading in Paint and we are taking Fire Extinguisher Dealership will I get set-off in "C" form for purchase and Sale. Kindly let me know on russel.raphael@gmail.com
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