Input on purchase of machinery
This query is : Resolved
B.P. SRIDHAR
(Querist)
11 December 2015
SIR,
My client being a manufacturing unit purchased another machinery/asset in the middle of the business period. Can he claim input on purchase of that asset. pl. advice.
My client being a manufacturing unit purchased another machinery/asset in the middle of the business period. Can he claim input on purchase of that asset. pl. advice.
KAVIRAJA ADDANGADI
(Expert)
11 December 2015
Input Credit will be available of tax paid on capital goods purchased within the State. Credit will be available only in respect of capital goods used in manufacture or processing. The credit will be spread over three financial years and not in first year itself. There will be a negative list of capital goods . Some States allow credit at one go while some allow over a period of 12 months and so on.
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