VAT ITC on Capital Goods

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P.Saravanan (Querist)
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16 June 2008 Dear Friends,

Please clarify the following

1. While reversing the ITC, is it necessary to exclude the Capital Goods ITC portion?

2.e.filing of monthly returns - who is eligible ? is it based on the volume of tax payments to the department

3. For eg Good purchased within the state for the purpose of manufacturing @12.5 % tax rate and goods will be sold to interstate @4 % against C form. Please explain me how to reverse the ITC ?

4. For the Sales of EOU /SEZ /Merchant Exporter , is it necessary to reverse the ITC and claim the refund from the department? or instead of claiming that shall we do the non reversal is it permissible.

5. If the manufacturer is an EOU can they claim the ITC for their inputs ? What is the procedure to do that?

Yours

P.Saravanan

P.Saravanan (Querist)
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19 June 2008 Please clarify this

Sanjeev Kumar

Sanjeev Kumar (Expert)
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03 July 2008 1. that is depend on facts?
2. there are deffirent paramiters under VAT laws and very state to state, volume of tax and / or volume of turnover;
3. you are entitled to get the full credit of tax paid on raw material which is related taxable output;
4. you would be entitled for ITC and claim the refund;
5. YES,

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