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Credit on Fixed Asset

This query is : Resolved 
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(Querist)
07 February 2009 Can i take VAT credit of input VAT of Computers purchased
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CA R N Mohil

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CA R N Mohil (Expert)
07 February 2009 No

Input tax credit can be taken only on the purchase of capital goods meant for use in the manufacture of taxable goods

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Nilesh Damji Chheda

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Nilesh Damji Chheda (Expert)
07 February 2009 Hi Amol & Mohilji

As per Maharashtra VAT u can even claim setoff on capital goods other than motor car. in case plant & machinery u can claim 100% of set-off. in any other case u can claim set off after retention of 3%
in case of computer it is covered by schedule III i.e 4% so after retention of 3% u can claim set-off of 1% of the vat on computers as input tax credit.

hope the above will solve ur purpose
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
08 February 2009 Retention is applicable only if the goods manfactured are tax-free goods.
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