Vat credit
This query is : Resolved
VIKASH KUMAR JAIN
(Querist)
18 December 2013
Dear Experts, My company is carrying on a capital project for construction of factory shed and building.Now we are receiving bill from supplier of cements etc. for use in above construction including vat@12.5%.My query is about, how can we take credit of above vatable bill?Whether my company is eligible to take credit agnst its cst liability of sale of manufactured goods??
MJ Krishnamurthy
(Expert)
19 December 2013
Mr VK Jain,
VAT paid in bills of purchases made for construction of factory building is not allowed to be claimed as ITC against local or interstate sales.Such ITC is permitted in case of purchase of capital movable assets only in all vat Acts.This concession is available only to the plant and machinery which produce taxable goods and further only after commencement of production.....mjk
VAT paid in bills of purchases made for construction of factory building is not allowed to be claimed as ITC against local or interstate sales.Such ITC is permitted in case of purchase of capital movable assets only in all vat Acts.This concession is available only to the plant and machinery which produce taxable goods and further only after commencement of production.....mjk
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