Whether the manufacturer is eligible to take input tax credit available on the purchase of Computer, UPS,Xerox,scanner, Antivirus pack.
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Input tax credit
Replies (4)
NO...... input credit not available for Office Equipments.
>>Vipul Garg
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?
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