Input credit
This query is : Resolved
10 December 2011
I REQUEST TO ALL EXPERT AM A REGISTERED DEALER IN KARNATAKA VALUE ADDED TAX NOW I AM PURCHASED MACHINERY FOR MANUFACTURING MACHINERY PARTS AND TOOLS AND ALSO DOING JOB WORK CAN I TAKE THE INPUT TAX CREDIT FOR THAT PLEASE HELP ME
12 December 2011
Yes,you may avail input tax credit because its capital item.
12 December 2011
Mr Sateesha,
Yes,you can take input tax credit on purchase of machinery for manufacturing purpose,but there are conditions;(1) The machine should be the one of those listed in the notification No FD 116 CSL .2006(8) dated 31-3-2006, matching with the excise code given in it.(2) The input credit can be claimed only after starting production of taxble goods.(3)If it is only for job work then it is not allowed.(4) It should not be an interstate purchase.
MJK
Yes,you can take input tax credit on purchase of machinery for manufacturing purpose,but there are conditions;(1) The machine should be the one of those listed in the notification No FD 116 CSL .2006(8) dated 31-3-2006, matching with the excise code given in it.(2) The input credit can be claimed only after starting production of taxble goods.(3)If it is only for job work then it is not allowed.(4) It should not be an interstate purchase.
MJK
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