vat credit
This query is : Resolved
19 November 2007
can i cliam vat paid on purchase of computer stationary against out put vat if my business is other than printing.
19 November 2007
VAT Credit is available only on capital goods which are used in manufacture of taxable goods.
Provided capital goods is continously used for a period of 5 year in the manufacture of capital goodds.
Capital goods means plant & machinery other than second hand plant & machinery meant for use in manufacturing of taxable goods and accounted as Capital Asets in books of accounts.
So, Computer stationary is not eligible for VAT Credit.
Provided capital goods is continously used for a period of 5 year in the manufacture of capital goodds.
Capital goods means plant & machinery other than second hand plant & machinery meant for use in manufacturing of taxable goods and accounted as Capital Asets in books of accounts.
So, Computer stationary is not eligible for VAT Credit.
CA. O.P. Agarwalla
(Expert)
20 November 2007
VAT paid on stationery (not for resale or processing and manufacturing for resle)is an expenses and can not be treated as ITC.
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