Vat input credit
This query is : Resolved
anand pareek
(Querist)
15 April 2014
can we take vat input credit on assets which is being use in plant?
Vishnu Saboo
(Expert)
15 April 2014
Plant & machinery are normally treated as Capital goods, and ITC is available on capital goods
Rupesh Jain
(Expert)
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.
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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