input credit on spares
This query is : Resolved
19 April 2010
can we claim input credit on spares used in the process of repair of machinery?
If we get a tax invoice from our repairer for repair of such plant and machinery, can we claim a tax credit under DVAT?
If yes, is it a capital good or other purchases?
If we get a tax invoice from our repairer for repair of such plant and machinery, can we claim a tax credit under DVAT?
If yes, is it a capital good or other purchases?
Madhukar N Hiregange
(Expert)
19 April 2010
Yes as other purchases.
19 April 2010
Depends upon the expense and amount..
If you are capitalising it than u have to consider as capital good and can claim upto 50% in first year and rest in other..or else consider as other purchases.
If you are capitalising it than u have to consider as capital good and can claim upto 50% in first year and rest in other..or else consider as other purchases.
sachin alwadhi
(Expert)
19 April 2010
AGREE
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