Vat input credit on machinery purchases
This query is : Resolved
05 May 2015
we are constructing a new manufacturing company in the state of telangana and also purchasing machineries within the state. can i take VAT input on machinery purchase..,? if yes please explain the procedure. the company still under construction
Vishnu Saboo
(Expert)
05 May 2015
yes, you can avail ITc on capital goods.
normally you have to avail the ITC in 5 equal installment in 5 years.
if during these year you sold machine you are not eligible to avail credit in next year as well as you have to reverse credit in proportion of uncompleted year of sale
normally you have to avail the ITC in 5 equal installment in 5 years.
if during these year you sold machine you are not eligible to avail credit in next year as well as you have to reverse credit in proportion of uncompleted year of sale
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