I am a manufacturer of auto part and i have purchased a machinery for use in production on 30.06.12 how much % of duty i can avail in the current financial year and what is the latest notification regarding that
06 July 2012
on purchase of machinery you can avail an Excise duty in a ratio of 50% i:e half amount of duty avail in 2012-13 and half is in 2013-14. In case of VAT you can avail VAT Input in a ration of 33.33% for next 3 years.
But VAT is subject to state level and not like income tax and service tax (Central level).
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