Input tax credit on capital goods

Dear Sir, Please let us know the input tax credit can claim on capital goods like furniture computer ac
Replies (7)

Hi,

In Delhi, tax credit of capital goods shall be as follows:

(i) 1/3rd of the input tax on such capital goods arising in the tax period, in the same tax period;

(ii) balance 2/3rd of such input tax, in equal proportions, in corresponding tax periods, in two immediately successive financial years.

Thanks

Shobhit

Sir,

 

Can Trader in delhi take a vat credit of fixed assets in three years equally. Since most of the fixed assets are excluded through seventh schedule. 

 

 

Hi, CST at concessional rate can be claimed if- (i) Sales made to registered dealer and (ii) Goods sold are covered in the Registration Certificate of buying dealer Further, purpose for which goods can be purchased under concessional rate- (i) goods as being intended for re-sale (ii) for use in manufacturing or processing of goods for sale (iii) for use in telecommunication network or in mining (iv) for use in generation of electricity or any other form of power (v) container or other materials intended for packing of goods for sale (vi) container or other materials used for packing of any goods mentioned in (i) to (iv) above Considering above aspects, capital cenvat on computers normally don't allow, whereas furniture above points to look at into. Thanks, Swati

Hello,

Plz help me on this,  My company has got done electrical installation and cabling work in office. The Cables, HD Cameras, Connectors, Power Supply etc will be under Electrical Installation RIGHT?

Invoice have 12.5%  as well as 5% VAT.

Now for claiming Input Tax Credit I have to reduce the VAT by what percentage, is it 3% or 4% as per Rule 53? I went through the ammendment but, still not confirmed which rate is to be reduced for ITC.

If possible please provide with the notification.

 

 

Thanku

 

 

Hi, This query is in context to which state? Thanks, Swati

Hello

Thanks for reply

This is related to Maharashtra (MVAT). I  Need this for FY 15-16. 

 

 

 

Dear mam/sir
on capital good input tax Credit calculation how can adjusted 1/3 in every year or not in case of chandigarh state

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