Input credit of vat on fixed assets
This query is : Resolved
Mirza Mohammed Baig
(Querist)
02 August 2017
Good Evening Sir/Madam
I am Working in a Basmati Rice Export Company, my query's are
1. can i take Input credit on fixed assets what ever we purchased on company's name
2. and we have some service tax bills also like S.tax on telephone bills,internet bills
3. we are purchasing basmati rice from punjab & amritsar we had paid CST also can i take that input credit also, cenvat on packing bags material, excise duty.
4.important point : from how many years input tax credit can i take, example like if my company is started in the year 2010, from 2010 can i take the input credit.
I am Working in a Basmati Rice Export Company, my query's are
1. can i take Input credit on fixed assets what ever we purchased on company's name
2. and we have some service tax bills also like S.tax on telephone bills,internet bills
3. we are purchasing basmati rice from punjab & amritsar we had paid CST also can i take that input credit also, cenvat on packing bags material, excise duty.
4.important point : from how many years input tax credit can i take, example like if my company is started in the year 2010, from 2010 can i take the input credit.
Arbind Aggarwal
(Expert)
03 August 2017
The queries need more detailed discussion to answer.
In short - credit of capital goods is available if the the goods are capitalised in the books. This is for capital goods purchased after GST. Earlier capital goods credit was restricted to specified capital goods covered under chapter headings 80, 82, 84, 85, etc.
ITC credit of stock in hand can be taken for the stock represented by tax paid invoices within one year period.
Service tax credit should have been taken already in the excise return and carries forwarded in GST.
In short - credit of capital goods is available if the the goods are capitalised in the books. This is for capital goods purchased after GST. Earlier capital goods credit was restricted to specified capital goods covered under chapter headings 80, 82, 84, 85, etc.
ITC credit of stock in hand can be taken for the stock represented by tax paid invoices within one year period.
Service tax credit should have been taken already in the excise return and carries forwarded in GST.
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