Input Credit
This query is : Resolved
CA. Mala Rohara
(Querist)
19 April 2009
Is VAT paid on Plant & Machinery eligible for claming Input Credit?
VINEESH KHANNA
(Expert)
19 April 2009
Vat Provisions varies from state to state.
In Delhi, Vat paid on Capital goods is eligible for credit equally in three years.
However, it is eligible for credit in two years
In Delhi, Vat paid on Capital goods is eligible for credit equally in three years.
However, it is eligible for credit in two years
CA Nitin Wadhwani
(Expert)
19 April 2009
Yes.
You can unless the Plant is used in manufacture of tax-free goods in that case, ITC will be avialable after a reduction of 3% under MVAT Act.
You can unless the Plant is used in manufacture of tax-free goods in that case, ITC will be avialable after a reduction of 3% under MVAT Act.
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