CENVAT Credit
This query is : Resolved
26 May 2008
Sir...Shall i take capital goods VAT as CENVAT credit. Can i adjust the same against the sales tax payable.
CA. Yayati Tyagi
(Expert)
26 May 2008
i think it will depend on rules of ur state's vat act. i have read that in most of states, credit of vat on capital goods is allowed over 36 months period.
26 May 2008
i have asked one auditor, he said that VAT on capital goods are not availed as CENVAT credit. For ur inform. our entity is in bangalore.
CA. Yayati Tyagi
(Expert)
26 May 2008
first u stop comparing both. they are different. then, consult ur vat advocate abt Karnataka Vat Act regulations.
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