Input Tax Adj. on Security Cameras

[olympia]

Please tell me that "Could we adjust input sales tax on security cameras (On Manufacturing Plant) against output tax?

[Information Consultant]

The input tax adjustments on fixed assets can be claimed subject to limitations prescribed in sections 7, 8 and 8B and or in a notification issued under section 8(1)(b) of the Sales Tax Act, 1990.

The adjustment of sales tax on each fixed assethas to be spread over 12 month

[Anfal Shabbir]

agreed with consultant

[olympia]

it means v can adjust input in equal 12 installments.................

[Information Consultant]

remeber that security cameras should reflect in ur balance sheet also

[olympia]

so v have to mention this as our fixed assets.......... but i think security cameras r not our fixed assets

is there any other way to adjust sales tax........

[LapTop]

No

[Information Consultant]

What is tne nature of security cameras if they r not fixed assets can u claim this as an expense in profilt and loss account .pls take this issue seriously before claim input tax .I think that security cameras are fixed assets

[LapTop]

Olympia,,,,,,,

agar Cameras ko as Asset book karyn gi to Input tax claim ho sakta hay 12 installments may....

agar Cameras ap nay expense book kiye han to input tax us ki cost may dal ka expense book ho ga,

[Information Consultant]

agreed

[olympia]

v r not shown this as fixed assets v r going to expense out this in profit & loss account.....
could v now adjust the sales tax against our output tax???????????

[Information Consultant]

NO

[olympia]

OK

But If v consider these cameras as our fixed assets & shown in our B/S then v can adjust sales tax as prescribed under <font color="pink">Section 8B</font id="pink">?
right

[Information Consultant]

right

[olympia]

One thing which i forget to mention is
V Import these Security Cameras......
is there any change in treatment?