Input vat

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2013 DEAR SIR,

I AM JOINED MFG UNIT-PHARMA, I WANT TO KNOW ABOUT INPUT VAT , WHICH TYPE OF PURCHASES CAN I TAKE INPUT VAT AND PLEASE EXPLAIN TO ME.

RENGARAJ R.K

RENGARAJ R.K (Expert)

07 September 2013 1) ALL RAW MATERIALS, PACKING MATERIALS ARE ALLOWED.

2) CAPITAL GOODS - IN INSTALMENTS ITC IS ALLOWED, i.e., FIRST YEAR..% SECOND YEAR %

Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2013 Thank you sir,

1.Purchase of furniture for factory office 2.Purchase of engineering material(like nut bolts)
3.purchase of tails & coal

In the above purchases i have to take credit or not
and anther one in my company they have 100% taken canvat credit in capital goods it is right or wrong

RENGARAJ R.K

RENGARAJ R.K (Expert)

07 September 2013 First of all, you have to tell which state vat the query relates to.

Next, furniture is not allowed
engineering materials- you have a chance, provided if such engineering materials are parts and accessories.

100% cenvat ? do you mean vat ITC or excise cenvat. In both cases, 100% is not allowed in first year.

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