Re: [aurangabad_ca] vat setoff query

Tuesday, February 2, 2010 1:03 AM By Livemail

 



Q 1 & 2 : You put all this items under 'resale', since technically you can not rule out possibility of sale and time limit is not prescribed for resale.Even after 10 years if you are selling the same ( after using ) it can be termed as resale.
 
Q 3  (1) Rule 54 (d) is applicable to dealer principally engaged in doing job work, Your dealer is not principally engaged in job work and this sub rule has no application
       (2) One can argue that if their is no sale and or receipt during the year rule 53 ( 6 ) will have no application. Zero divided by zero is infinity. This is my personal opinion.
 
CA Sunil Vakharia, Pune
 
----- Original Message -----
Sent: Monday, February 01, 2010 5:50 PM
Subject: [aurangabad_ca] vat setoff query

 

A dealer is proposed to be engaged in 1] resale of 2 wheelers 2] resale of spares and 3] servicing of 2 wheelers. He is registered voluntarily as reseller, importer, works contractor.

Q1.  Whether the following items to be used for servicing purposes can be purchased on C Form a] various machinery  b]  tools   c]  generator   d]  lift for lifting to workers' height for easy standing repairs. e] other equipments

Q2.  While obtaining CST RC only  "2 wheelers and spares for resale purposes" is mentioned, which of the above goods will have to be registered under what clauses/ purposes ?

Q3  My understanding is that irrespective of answer to 1 & 2 above, if the goods are purchased within maharashtra, 100% set-off will be admissible u/r 53(6) read with rule 54 (d), if sales is more than 50% of gross receipts.

Ours is a yet to be started organization and the will start in May 2010. Till then there will be no sales/ servicing receipts. The above items are needed to be purchased in March 2010.

This 50% as per rule 53(6) should be applied to which period's receipts?

Thanking in advance……….

CA VIJAY AGRAWAL

JALNA 9823037047


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