Whether the manufacturer is eligible to take input tax credit available on the purchase of Computer, UPS,Xerox,scanner, Antivirus pack.
Menu
Input tax credit
Replies (4)
Input credit is applicable only on the products which is directly related with the trading goods. So, I am agree with Vipul that input credit is not available in office equipments.
Under Cenvat Credit rule, Credit on Input material used in relation to final product is allowed as a credit, same rule is applicable to Vat as well, but there are some exception. In Mahrashtra VAT, if you Purchase Office equipment after sep 2007 & treate them as Capital Asset which is not transferable, then u are allowed to take credit on said purchase after reducing 3 % set off calculated on purchase price & balance will be allowed as a credit.
U need to check the provsion of respective state VAT act.
| Originally posted by :Pravin Nemad | ||
| " | Under Cenvat Credit rule, Credit on Input material used in relation to final product is allowed as a credit, same rule is applicable to Vat as well, but there are some exception. In Mahrashtra VAT, if you Purchase Office equipment after sep 2007 & treate them as Capital Asset which is not transferable, then u are allowed to take credit on said purchase after reducing 3 % set off calculated on purchase price & balance will be allowed as a credit. U need to check the provsion of respective state VAT act. |
" |
Can v get input credit on capitalied items (like computers, machinery & furnitures etc.) in the state of Delhi?
Recent Threads
- Inverted Rate structure .
- Exemption to be climed
- GST TDS u/s 51 Applicability on RBI and it's subs
- Time allowed to buy another asset
- ITR not processed for the FY 2024-25
- Gift of money to my wife.
- Tax Audit If you show Loss
- GST Tax invoice Value Rs..234000
- Can I claim benefit under 54F if I sell my equity
- Income tax refund 25/26
Related Threads
CAclubindia
