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.
Vishnu Saboo
(Expert)
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 ,
RAJESH MODI
(Expert)
09 November 2009
YOU HAVE RECIVED 8.5 % OF INPUT TAX REBATE
Vishnu Saboo
(Expert)
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.
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