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Input vat credit on purchase of capital goods

ashok (Finance & Accounts Head) (52 Points)

24 January 2012

Hi....

I am working in reail industry (Hyper Market) . Can we Get Input credit of Vat from purchase of capital goods........ Kindly Suggest me..

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7 Replies

eswar (student) (28 Points)
Replied 24 January 2012

u r not eligible to input tax credit on capital goods as per law......

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valji (Accounts manager-MBA) (2150 Points)
Replied 25 January 2012

agreee with above

Naveen C. Bisht (Tax Consultant) (71 Points)
Replied 27 January 2012

yes u r not eligible for crdit on capital goods

Naveen C. Bisht (Tax Consultant) (71 Points)
Replied 27 January 2012

yes u r not eligible for crdit on capital goods

Naveen C. Bisht (Tax Consultant) (71 Points)
Replied 27 January 2012

yes u r not eligible for crdit on capital goods

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priya (a) (33 Points)
Replied 19 March 2012

when can cst liability be set off aginst vat if it is to be added in cost????

according to me it is to be added in cost

reply asap

Atul Parit (Student) (23 Points)
Replied 21 March 2012

Hi Naveen and Valji, I red like ...Input credit of Vat from purchase of capital goods can be availed for 36 months i.e. if i have Input credit of Rs. 90,000 that should be devided by 36 months which comes to Rs.2000 so Rs.2000/- can be claimed on monthly basis for 36 months.

Please correct me if I m wrong.

Your immediate reply will be highly appreciated.

Thanks