Input credit on capital goods
This query is : Resolved
23 November 2008
with reference to Delhi Vat and U.P. Vat,input credit in respect of Spares of Machinery which are charged off to P/L A/c will be allowed whether in one year or Three year?
Deepak Agrawal
(Expert)
24 November 2008
U can avail excise credit in full for spares charged to p/l a/c
Ravikumar.G
(Expert)
24 November 2008
Pl ensure that whether that particular component / spares which may be treated as capital goods as per central excise. For Ex Grades which will be treated as capital goods as per excise but companies will be charged it off in P&L. If it is not coming under the capital goods tariff you can avail full credit that year itself.
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