Capital goods behavior and claim on it for gujarat

Others 447 views 2 replies

Help me in understanding the behavior of capital goods for the state of Gujarat.

When can the tax claim be taken?

Replies (2)

Credit on capital goods can be claimed 100% in year of acquisition.

But

It will be utilised in equal 36 installment for every month.

How can the ITC be taken on purchase of capital goods for the state of Haryana?

Also, in VAT Return form R1, there are asking for the purchase of capital goods used in:

a) Mining

b) Manufacture of exempted goods

c) telecommunication network

d) generation of electricity.

 

Where does the the capital goods that are used in the manufacture/production get captured?


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