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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