Input credit on sheets, coils , pipes used in machinery
This query is : Resolved
rahul jain
(Querist)
28 December 2011
DEAR MEMEBER
KINLDY UPDATE ME IF ANY SHEET ,COILS, PIPES AND OHTER IRON MATERIAL UNDER CHEPTER 72,73 ETC USED IN MACHINERY COMMISSIONING ,ERRECTION AND IN FOUNDATION ,NOT EMBEDED TO EARTH,
WE ARE UNABLE TO GET CREDIT IN CASE OF EXCISE , ALSO UPDATED ME THAT FROM 1.3.2011 , IF ANY SERVICE TAX CHARGE BY VENDER ON COMMISSIONING ,ERRECTION , WHEATHER WE GOT THE CREDIT OR NOT
KINDLY QUOTE IF ANY NOTIFICATION OR CASE LAW
CA JAIN RAHUL
DEAR MEMEBER
KINLDY UPDATE ME IF ANY SHEET ,COILS, PIPES AND OHTER IRON MATERIAL UNDER CHEPTER 72,73 ETC USED IN MACHINERY COMMISSIONING ,ERRECTION AND IN FOUNDATION ,NOT EMBEDED TO EARTH,
WE ARE UNABLE TO GET CREDIT IN CASE OF EXCISE , ALSO UPDATED ME THAT FROM 1.3.2011 , IF ANY SERVICE TAX CHARGE BY VENDER ON COMMISSIONING ,ERRECTION , WHEATHER WE GOT THE CREDIT OR NOT
KINDLY QUOTE IF ANY NOTIFICATION OR CASE LAW
CA JAIN RAHUL
U S Sharma
(Expert)
29 December 2011
these items does not fall under capital goods, hence no input credit under capital goods catagory for excise or service tax.
you have to capitalize the goods value + tax and enjoy the depriciation under income tax.
you have to capitalize the goods value + tax and enjoy the depriciation under income tax.
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