Vat credit on capital asset
This query is : Resolved
09 October 2012
A Foundry located in Maharashtra purchased a furnace and paid MVAT against it.Can the Foundry claim Input VAT Credit for the VAT paid? Since VAT is a destination based consumption tax and the capital asset(Furnace)is used by the foundry in its premises.
09 October 2012
vat credit is admissible , & depends on MVAT that in parts of at a one time
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