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INPUT TAX CREDIT ON CAPITAL GOODS

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(Querist)
24 April 2009 What is treatment for input tax credit on capital goods for a manufacturing company.... Can it be adjusted against VAT liability.. Plz explain...
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Chandresh Pitroda

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Chandresh Pitroda (Expert)
24 April 2009 It can't be adjusted against VAT liability.
Input Tax credit is availbale to the extent 50% of credit in the year of purhcase or installation of capital item.
And balance 50% is to be availed forthcoming financial years.
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Sreenath

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Sreenath (Expert)
24 April 2009 Hi,

In the case of Excise Cenvat the above said 50 % is correct but in the case of ITC different states are following different menthods for capital goods ISD. Like instalments, 560 % and full credit also.

Please correct me if I am wrong.
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