input credit
This query is : Resolved
21 September 2010
in put credit is avilable to the capital goods.plz clarify the doubt
Ex machinery purchased 10,92,000 vat @ 4%
Machinery A/c 10,30,0000
Vat 42000
to Raj 10,92,000
sale of goods 10,92,000 vat @ 4%
ravi A/c 10,92,000
to sales 10,30,000
to out put vat 42,000
in this way i can do or not
Ex machinery purchased 10,92,000 vat @ 4%
Machinery A/c 10,30,0000
Vat 42000
to Raj 10,92,000
sale of goods 10,92,000 vat @ 4%
ravi A/c 10,92,000
to sales 10,30,000
to out put vat 42,000
in this way i can do or not
CMA Ramesh Krishnan
(Expert)
21 September 2010
It is based on state vat. some state the input VAT on capital goods can be claimed 50% in the current year and 50% in the next year. so please refer the same
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