Input tax credit on capital goods
This query is : Resolved
15 April 2012
Can we take input tax credit on capital goods purchase?
Can we take input tax credit on capital goods purchase?
16 April 2012
yes we can take set off of Vat paid on capital goods , subject to retention u/r 53, and no setoff u/r 54 .
that is u/r 53 , some capital assets like office equipment , computer , furniture etc. are liable for retention at 3 %.
u/r 54 no setoff is available on Passenger Car , Building Material etc.
that is u/r 53 , some capital assets like office equipment , computer , furniture etc. are liable for retention at 3 %.
u/r 54 no setoff is available on Passenger Car , Building Material etc.
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