Whether the following states follow "Gross Product Variant" or "Income Variant" or "Consumption Variant" of VAT to take credit of VAT on capital goods
1.Gujarat
2.Rajasthan
3.Madhya-Pradesh
4.Punjab
5.Uttra-Khand
6.Karnataka
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3 variants of VAT
Replies (4)
I think consumption variant is used across India because input credit is allowed on capital goods as well as input goods. In Karnataka, consumption variant is adopted.
Since our consultant of Gujarat is not taking credit on capital goods, so can you please make me sure by any reference(if available) that consumption variant is used across all India.
I think ITC can be availed on capital goods under GVAT provided it is not used in office etc. For more details:
https://taxpaisa.com/vat-credit-on-capital-goods-in-india/
/articles/a-comprehensive-note-on-input-tax-credit-under-gujarat-vat-995.asp
Plz tell in telangana and Andhra Pradesh which variant of vat is following?
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