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?

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

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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?

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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
  • Akhtar Shaikh's image

    sir, please clear vat payable assuming machine used for production. Q5 last one which is input vat on capital good rs 1500.  AND TOTAL INPUT VAT. 

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