Can we get set off on input vat on purchase of capital goods

This query is : Resolved

Share Report Follow Query Ask a Query

kuna sahu

kuna sahu (Querist)
Follow

24 July 2012 Please Explain.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

24 July 2012 Normally Yes barring few exceptions.

CA Manikandan.A.V

CA Manikandan.A.V (Expert)
Follow

24 July 2012 depends on the state VAT act. it varies like set off in two yearly installments or 24/36 monthly installments.

Eg. if credit is Rs. 50,000 in 2012-13

set off in 2012-13 Rs. 25,000
set off in 2013-14 Rs. 25,000.

Message likes : 1 times

RENGARAJ R.K

RENGARAJ R.K (Expert)
Follow

25 July 2012 In General, capital goods are allowed for set off, therefore kindly check up your State VAT Act whether your capital goods are appearing in that list.

As correctly said by CA.A.V Mankandan, each state has prescribed the set off period for availing the ITC on eligible capital goods.

Message likes : 1 times

kuna sahu

kuna sahu (Querist)
Follow

25 July 2012 Thank you all.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

rajkumar yadav

madhu sudan

Shivchandra Jakhotia

mohammad.asraf

Anirudh Sharma

Subscribe Now

Can we get set off on input vat on purchase of capital goods

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA