07 July 2014
Dear All Sir, we have purchased on fan for our godwon (900+12.5%=1013/-) but i dont want to show it under fixe assetes so just let me if i show it under godwon expense then will i be able to take the input credit of vat??? please guied with vat act???
We do not know which state VAT the query relates to. However, in every state vat act, there are restrictions and conditions for availing Input tax credit. For Fan, the ITC is not eligible, unless the said FAN is used for food processing industry or related industry where the said item is directly used for manufacuring, curing activities.
CAclubindia
