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Is input vat credit allowed on capital goods

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(Querist)
05 June 2013 in put vat on capital goods is allowed or not
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RENGARAJ R.K

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RENGARAJ R.K (Expert)
05 June 2013 Yes allowed. Before installation, you have to inform the A.O (assessing officer)about the capital goods. After commencement of production, you can avail certain percentage of the ITC (input tax credit)in the first year and balance in the next years. This is based on your STATE VAT Act. You have not mentioned as to which state this query relates.
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