Vat credit

sachin lokhandwala (Querist) 09 October 2013 This query is : Resolved
Dear Sir

We are providing engineering service to shipping industry in Mumbai I would like to know the applicability of MVAT to my industry I have sold Furniture and P & M during Oct-Mar 14 half and I have purchase of Office Materials and other regular Consumables for office so can I get credit of VAT on purchases on my sale of Fixed assets. Please advice

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C. SANJEEVA RAO (Expert) 10 October 2013
You have to pay VAT on the furniture and plant and machinery, if you have already availed the benefit of the VAT input credit on the values of the such materials under capital goods otherwise not. Regarding, the purchase of office material and other regular consumables you can avail the credit of VAT on purchases provided certain conditions prescribed under the relevant provisions are satisfied.

Raj Kumar Makkad (Expert) 10 October 2013
I do agree with Rao.

Raj Kumar Makkad (Expert) 10 October 2013
I do agree with C. Sanjeeva Rao.

sachin lokhandwala (Querist) 10 October 2013
What are the conditions to be satisfied which are prescribed under the provision to take mvat crdit and this credit up to how much year we can c/fd.