Input tax credit on capital goods
This query is : Open
24 June 2017
KIND ATTN. SIR
THE ASSESSEE BEING A GARMENT MANUFACTURER YET TO BE REGISTERED UNDER TNVAT ACT , SINCE IN THE GST TRANSITION PERIOD, PURCHASED SEWING MACHINES DURING JUNE,2017 ( CAPITAL GOODS) WITH VAT INPUT TAX@5%, WITHOUT TIN .
KINDLY CLARIFY WHETHER INPUT TAX ON CAPITAL GOODS ON MACHINERY PURCHASED CAN BE CARRIED FORWARDED TO GST AS INPUT TAX CREDIT.
WITH REGARDS
CA.P.SHANGAR FCA
THE ASSESSEE BEING A GARMENT MANUFACTURER YET TO BE REGISTERED UNDER TNVAT ACT , SINCE IN THE GST TRANSITION PERIOD, PURCHASED SEWING MACHINES DURING JUNE,2017 ( CAPITAL GOODS) WITH VAT INPUT TAX@5%, WITHOUT TIN .
KINDLY CLARIFY WHETHER INPUT TAX ON CAPITAL GOODS ON MACHINERY PURCHASED CAN BE CARRIED FORWARDED TO GST AS INPUT TAX CREDIT.
WITH REGARDS
CA.P.SHANGAR FCA
CA Rashmi Gandhi
(Expert)
24 June 2017
Yes same will be available.
Dibin Divyakumar
(Expert)
24 June 2017
As you are an unregistered during the purchase of capital Asset, you can't carry forward the credit to GST
CA Rashmi Gandhi
(Expert)
24 June 2017
Even you are unregistered you will get credit in GST.
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