credit on capital goods

This query is : Resolved

Arijeet Das (Querist)
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26 August 2010 dear sir,
we have just completed the setup of our new company in which Vat registration certificate no. yet to be taken for manufacturing purpose.

now my Qn. is "Is the company liable to take credit of JVAT charged in Capital Goods????"

If yes then plz provide me references...

thank u
Arijeet Das

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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26 August 2010 Input vat on capital goods can be taken 50 % first year and 50% 2nd year, but it will be differ based on state vat act.

Depreciation cannot be claimed for Input portion takne as credit

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