Goods Purchased for Trading Purpose but used in Business Operations
In a case where company deals in Electronic items and import/local purchases such items for trading purposes but few items were used for business operation like water Dispenser, Lights, LED,Refrigerator etc. ( not used for personal/private purpose).
VAT recovery can be blcoked in such a case?
15/03/2020 11:16:23
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SAJITH N15/03/2020 13:35:25
Items purchased/imported for trading purposes but in turn capitalised as assets for business purposes is a normal scenario. This shouldn't be a reason for input disallowance provided it can be justified that the items exists as assets and are being used for business purpose alone.
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