Input credit on capital goods
This query is : Resolved
05 June 2013
it it possible to claim input credit on capital goods in one year.
05 June 2013
It depends upon the State VAT Act. The procedure normally adopted is, first you have to inform the nature of the capital goods to the assessing officer in writing. After installation and commencement of production, you can avail ITC. Some states allow 50% in the first year and balance in next years. Always mention your State when you ask queries of vat.
06 June 2013
Thanks for your reply sir,
I am asking about tamilnadu vat.
I am asking about tamilnadu vat.
06 June 2013
Tamilnadu: Within 30 days from date of commencement of commercial production intimation should be given to the A.O. First year 50%, and the balance of the ITC before the end of their financial year. Any unavailed will get lapsed.
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