Input credit on capital goods

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GUDLA SAI PRASAD

GUDLA SAI PRASAD (Querist)

05 June 2013 it it possible to claim input credit on capital goods in one year.

RENGARAJ R.K

RENGARAJ R.K (Expert)

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.

GUDLA SAI PRASAD

GUDLA SAI PRASAD (Querist)

06 June 2013 Thanks for your reply sir,
I am asking about tamilnadu vat.

RENGARAJ R.K

RENGARAJ R.K (Expert)

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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