Input credit on Purchase of Asset
This query is : Resolved
05 May 2009
In case of purchase of an asset, the amt of VAT paid can be used as Input Credit. For this, should this purchase necessasrly be locally made or it can be from any state in the country?
06 May 2009
Dear Varun,
IPT paid on purchase of an asset can be claimed as credit, if the same is purchased locally and not otherwise. But for the purpose of capitalising the same, full landed cost should be taken.
IPT paid on purchase of an asset can be claimed as credit, if the same is purchased locally and not otherwise. But for the purpose of capitalising the same, full landed cost should be taken.
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