Input credit on capital good
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2013
We are the manufacturer of cloths. We have purchased computer Rs. 22000, furniture Rs. 18000/- and Machinery Rs. 35000/- + vat @ 12.5%.
Can I claim Full vat input @12.5% against output tax.
Please suggest me as per MVAT Act.
Thanks
Can I claim Full vat input @12.5% against output tax.
Please suggest me as per MVAT Act.
Thanks
CA Ankit Oberoi
(Expert)
15 April 2013
Input tax credit on capital goods will also be applicable for traders & manufacturers. Tax credit on capital goods may be adjusted over a maximum of 36 equal monthly installments. The state may at their option reduce the installments
Thus you can avail the input tax credit of the VAT paid.
Thus you can avail the input tax credit of the VAT paid.
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