About tax credit on capital goods

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CA Jainam Shah (Querist)
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07 December 2012 if a machinery is used for making vatable goods, and the same machinery is being produced by assessee, whether input tax paid by assessee on raw material used for making machinery available as tax credit under gujarat vat?

DO HELP ME PLZ....
Thank you....

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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10 December 2012 Mr Jainam Shah,
Here it has a reverse effect. If any final products are put to own use etc and not sold as taxable goods,then the input tax already claimed in the returns has to be proportionately reversed.See Sec11(b)(7) etc of Gujarat VAT Act for your reference.......MJK

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