VAT
This query is : Resolved
13 June 2010
In case of Capital goods is there any condition to be satisfied for claiming VAT credit as in the case of CENVAT
If we have to claim CENVAT credit for capital goods the following conditions has to be fulfilled
(1) Assesse should not claim depreciation
(2) Capital goods should be received in
the factory gate.
(3)Such Capital goods should not be transfered during the year.
If all the above conditions are satisfied then 50% of the cenvat credit can be claimed in the year of purchase, the balance 50% in the coming year.
Like this for VAT is also there?
If we have to claim CENVAT credit for capital goods the following conditions has to be fulfilled
(1) Assesse should not claim depreciation
(2) Capital goods should be received in
the factory gate.
(3)Such Capital goods should not be transfered during the year.
If all the above conditions are satisfied then 50% of the cenvat credit can be claimed in the year of purchase, the balance 50% in the coming year.
Like this for VAT is also there?
15 June 2010
We need to refer the Respective State VAT only, becasue treatment of VAT on capital goods vary state to state
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