Input credit on capital goods

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2014 Dear sir,
i have(Pvt.Ltd)purchase new software for Rs.75000.
can i charge depreciation on that software & what rate?
seller Co.has charged Vat also With issued Tax invoice then what can i take input tax credit on above software?

Vishnu Saboo

Vishnu Saboo (Expert)
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26 February 2014 you have to see whether software is ur input or not, then decide to avail ITC on same.
for rate of depreciation, you have to see the useful life of software, and accordingly calculate rate of dep, normally rate of depreciation on computer n software is 16.31%.

Vishnu Saboo

Vishnu Saboo (Expert)
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26 February 2014 if you treating software as capital good, you must see the definition of Capital Good of ur state vat Act.

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