input credit on capital goods
This query is : Resolved
06 November 2009
i have purchased capital assets at the rate of 12.5% vat.
can i get input credit on 12.5% @ 50% for the 1st year and balance 50% in the next year.
i have got notice from commercial dept as i am eligible for only 4% eventhough i have paid the vat 12.5%.
is it correct
what is the remedy for the above matter.
can i get input credit on 12.5% @ 50% for the 1st year and balance 50% in the next year.
i have got notice from commercial dept as i am eligible for only 4% eventhough i have paid the vat 12.5%.
is it correct
what is the remedy for the above matter.
06 November 2009
Vat credit can be taken whatever rate is applied on material.
but 50% concept is applicable in excise duty cases, in case of VAT it can be claim either in 5 year or in 1 year but that capital item should not sold before 5 year.
but 50% concept is applicable in excise duty cases, in case of VAT it can be claim either in 5 year or in 1 year but that capital item should not sold before 5 year.
06 November 2009
In which state you are dealing ,
09 November 2009
YOU HAVE RECIVED 8.5 % OF INPUT TAX REBATE
11 November 2009
Vat credit can be taken whatever rate is applied on material.
but 50% concept is applicable in excise duty cases, in case of VAT it can be claim either in 5 year or in 1 year but that capital item should not sold before 5 year.
but 50% concept is applicable in excise duty cases, in case of VAT it can be claim either in 5 year or in 1 year but that capital item should not sold before 5 year.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Experts need help
- Section 50-fixed asset-->building ceases to exist
- Gift Received from nonblood relative
- Foreign lottery ticket bought online from India: legality, tax and consequences
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
