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VAT on Capital Goods

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11 July 2007 what is the Gujarat Govt. Policy on aviling the VAT Credit on Capital Goods. Is it in with consonence of Guidance Note of ICAI i.e. to amortise over a period of 36 EMIs.
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Shashi Mohan Jha

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Shashi Mohan Jha (Expert)
12 July 2007 Yes. Input tax credit will be admissible for capital goods used in the manufacture of taxable goods. Capital goods must be used continuously for a full period of five years within the State. How ever, no input tax credit would be admissible for capital goods purchased for the use in:
a) Manufacture of tax-free goods
b)Generation of electricity including captive power
c) Works contract
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