Input credit of VAT paid on apital goods
This query is : Resolved
29 June 2011
Dear sir,
Can we claim input credit of VAT paid on purchase of capital as per Karnataka VAT,
If yes How?
What are the additional requirements for this?
Is there any separate forms for filing this?
Do we need to keep any additional register for that capital goods?
Thanks in advance
Can we claim input credit of VAT paid on purchase of capital as per Karnataka VAT,
If yes How?
What are the additional requirements for this?
Is there any separate forms for filing this?
Do we need to keep any additional register for that capital goods?
Thanks in advance
30 June 2011
https://www.caclubindia.com/experts/karnataka-input-vat-credit-on-capital-goods--576.asp
30 June 2011
Yes. This to to be spread over for few years. The other expert has given you the link. Kindly go through he same.
30 June 2011
Thank you sir,
But It is not saying about whether there is any additional requirements, like filing of return etc. Is there any additional requirements?
But It is not saying about whether there is any additional requirements, like filing of return etc. Is there any additional requirements?
30 June 2011
Without filing your return how the department will allow you the set off. or how the department will come to know that you have collected correct and deposited the same. Or you have paid the VAT on capital goods for adjustment.
03 July 2011
Mr Afsal,
This is a little more information on this matter.As per III schedule there are a list of goods declared by the Govt of Karnataka as Capital Goods. These specified goods are chargeable @5% only.
The earlier rules that a permission to be obtained from your LVO and he will fix the number of installments for adjusting the tax paid on the Capital gooods are chnged.
You can claim the tax paid on purchase of the notified Capital goods in one instance
subject to the conditions laid down in rule 133 of KVAT rules. Out of these capital goods you should produce taxable goods and claim thee deduction only after commencing production etc.Please go through necessry details.
MJK
This is a little more information on this matter.As per III schedule there are a list of goods declared by the Govt of Karnataka as Capital Goods. These specified goods are chargeable @5% only.
The earlier rules that a permission to be obtained from your LVO and he will fix the number of installments for adjusting the tax paid on the Capital gooods are chnged.
You can claim the tax paid on purchase of the notified Capital goods in one instance
subject to the conditions laid down in rule 133 of KVAT rules. Out of these capital goods you should produce taxable goods and claim thee deduction only after commencing production etc.Please go through necessry details.
MJK
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