Negative list
This query is : Resolved
25 May 2015
Can any body give me nagetive list for gujarat vat (perticularly required for capital goods)
in which cases we can not get vat credit
thanks in advance
in which cases we can not get vat credit
thanks in advance
25 May 2015
ITC on Capital Goods is also available, except on the following:
Capital goods used in the manufacture of goods specified in Schedule
I or the goods exempted from the whole of the tax by a notification
under sub-section (2) of section 5 or in generation of electrical energy
including captive power;
Capital goods, used in transfer of property in goods (whether as goods
or in some other form) involved in the execution of works contract;
Further, the capital good on which input tax credit has been claimed should
be used for a continuous period of 5 years, or else input tax credit is reduced
proportionately.
Capital goods used in the manufacture of goods specified in Schedule
I or the goods exempted from the whole of the tax by a notification
under sub-section (2) of section 5 or in generation of electrical energy
including captive power;
Capital goods, used in transfer of property in goods (whether as goods
or in some other form) involved in the execution of works contract;
Further, the capital good on which input tax credit has been claimed should
be used for a continuous period of 5 years, or else input tax credit is reduced
proportionately.
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