Input credit under vat act
This query is : Open
25 February 2012
Dear All,
We are the suppliers of dispensible pumps to petroleum industries like HPCL or IOCL.When supplying the dispensible units we are charging 14.5 VAT on our supply. IS HPCL(petroleum industry) allowed to take input of the vat we charged. If they treated DU as Capital goods is they allowed to take input credit or not. Please help me out in this regards.
We are the suppliers of dispensible pumps to petroleum industries like HPCL or IOCL.When supplying the dispensible units we are charging 14.5 VAT on our supply. IS HPCL(petroleum industry) allowed to take input of the vat we charged. If they treated DU as Capital goods is they allowed to take input credit or not. Please help me out in this regards.
MJ Krishnamurthy
(Expert)
26 February 2012
Mr. BRS Vasan,
In each state VAT paid on purchases of notified capital goods is allowed.Goods included in the notifications in each state are different. In Karnataka the DUs are not considered as capital goods.Hence VAT paid on their purchases can not claimed as input tax. Similarly you have to see the notifications issued by each state seperately.
MJK
In each state VAT paid on purchases of notified capital goods is allowed.Goods included in the notifications in each state are different. In Karnataka the DUs are not considered as capital goods.Hence VAT paid on their purchases can not claimed as input tax. Similarly you have to see the notifications issued by each state seperately.
MJK
03 April 2012
I agree with the expert
26 May 2015
Thankyou very much sir,
How can I refer the notifications in tn vat. Please help me to find out the relevant notifications sir.
Regards
BRS VASAN
How can I refer the notifications in tn vat. Please help me to find out the relevant notifications sir.
Regards
BRS VASAN
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