Input of Vat on Fixed Assets and Capital Goods

If Fixed Asset used in Office,no input

If Fixed asset used for production or sale directly,then input available in some states

Example

In Delhi,input available in 3 Years,1/3 every year

Q5

B LTD   D LTD
Purchase 60000   Machine 90000
vat 5% 3000   vat 5% 4500
  63000     94500

 

X LTD
Sale 160000
vat 5% 8000
  168000

What is Vat Payable assuming Machine used in Office?

View Answer

What is Vat Payable assuming Machine used for production or sale?

View Answer

Q6

B LTD D LTD
Purchase 60000 Machine 75000
vat 5% 3000 Excise 12.5% 9000
  63000 Total 84000
    Vat 5% (of Total) 4200
    Grand Total 88200
X LTD
Sale 130000
vat 5% 6500
  136500

What is Vat Payable?

View Answer
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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.