Dvat input on captial good

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Vinod Aggarwal

V.P. Finance

35 Points Posted on 16 November 2012

Dear Sir,

1. We have purchase one car. They have charged DVAT 12.5% of Rs. 64,297.00 on 514375/-. I would like to know that can we take input vat Rs. 64297 full in the qaterly retrun.

2. In the DVAT Return Form 1 Colum No. 7

Turnover of Declared Goods against C Form

Turnover of Declared Goods sold otherwise

Turnover of Non Declare Good against C Form

Turnover of Non Declare Goods sold otherwise

I would like to know difference between declared good and non declared good.

Please advise

Vinod Aggarwal

9810833006

Replies (2)

subramanya

Professional

667 Points Posted on 27 November 2012

Dear Sir,

1) If Car is considered as Capital goods in Delhi, you can claim 1/3 of Input tax in the current tax period and remaining 2/3 in equal propertions in two immediately successive financial years.

2) Declared goods are those goods which are specified in section 14 of the Central Sales Tax 1956 on which a state can levy 5% as highest ceiling VAT rate.

Refer below link for more details :
https://shubhamconsultants.wordpress.com/knowledge-center/taxation/central-sales-tax/declared-goods/

Anand

Chartered Accountant

198 Points Posted on 27 November 2012

Dear Vinod ji

pls. read the definition of Capital goods under dvat act,

"capital goods means plant, machinery and equipment used, directly or indirectly, in the pross of trade or manufacturing or for excution of works contract in delhi."

as per this definition car will not cover under the capital goods.