Credit on Fixed Asset
This query is : Resolved
Amol Mantri
(Querist)
07 February 2009
Can i take VAT credit of input VAT of Computers purchased
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
Input tax credit can be taken only on the purchase of capital goods meant for use in the manufacture of taxable goods
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
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
CA Nitin Wadhwani
(Expert)
08 February 2009
Retention is applicable only if the goods manfactured are tax-free goods.
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