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Vat input credit

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anand pareek

anand pareek (Querist)
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15 April 2014 can we take vat input credit on assets which is being use in plant?

Vishnu Saboo

Vishnu Saboo (Expert)
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15 April 2014 Plant & machinery are normally treated as Capital goods, and ITC is available on capital goods

Rupesh Jain

Rupesh Jain (Expert)
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19 April 2014 YOU CAN TAKE INPUT THAT USED IN AND USED FOR PRODUCTION DIRECTLY.
BUT YOU CANNOT TAKE INPUT ON FURNITURE, STATIONERY, BULB, CFL,AC , COOLER , FANS LIGHTING ETC.

BUT ON RAW MATERIAL, CONSUMABLES, YOU TAKE CREDIT. BUT NOT ON DIESEL FOR DG SET, OR VEHICLE FOR DELIVERY AND BUIDLING MATERIAL, FUEL FOR VEHICLE ETC.

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