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vat credit

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(Querist)
19 November 2007 can i cliam vat paid on purchase of computer stationary against out put vat if my business is other than printing.
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Mridula

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Mridula (Expert)
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.
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CA. O.P. Agarwalla

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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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