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
| Particulars | Amount |
| Output Vat | 8000 |
| Less | |
| Input Vat on Purchases | 3000 |
| Total input Vat | 3000 |
| Vat Payable |
5000
|
What is Vat Payable assuming Machine used for production or sale?
View answer
| Particulars | Amount |
| Output Vat | 8000 |
| Less | |
| Input Vat on Purchases | 3000 |
| Input Vat on Capital Goods Current Year | 1500 |
| Total input Vat | 4500 |
| Vat Payable | 3500 |
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
| Particulars | Amount |
| Output Vat | 6500 |
| Less | |
| Input Vat on Purchases | 3000 |
| Input Vat on Capital Goods Current Year | 1400 |
| Total input Vat | 4400 |
| Vat Payable | 2100 |