Vat set off
This query is : Resolved
27 August 2013
I M SELLING GOLD JEWELLERY REGULARLY.I PURCHSED MACHINE OF 200009/-WITH VAT CHARGED RS 25000/-... MAY I GET VAT set off agaist gold jewellery sold..
MJ Krishnamurthy
(Expert)
27 August 2013
Yes it is allowed. A machine used to manufacture jewellery is a capital goods. However,in many states like Karnataka,the machinery which are considered as capital goods are notified. Input tax related only to purchase of such machines are allowed in those states. Whereas in other states,all machinery used for manufacturing purpose are taken as capital goods and input tax is allowed.It is to be clarifiedd with respect to your state...mjk
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