QUESTION : WE PURCHASED NEEDLE FROM THE SUPPLIER FOR MANUFACTURING PURPOSE. SUPPLIER PUT VAT 5% ON THIS. THIS INPUT VAT AMOUNT SHOULD BE CONSIDERED A INPUT TAX CREDIT. OR NOT ALLOWED TO INPUT CREDIT IN TNVAT ACT? AND ALSO PLEASE CLARIFY WE PURCHASED MACHINERIES FOR MANUFACTURING PURPOSE. SUPPLIER PUT VAT 5% ON THIS. I TAKE THAT AMOUNT AS A INPUT CREDIT OR NOT? IF NOT IS WHY?
Menu
Input vat credit
Replies (1)
You can avail input put credit on both. For TN, however credit on capital goods shall be availed up to 50% in the same financial year and the balance credit shall be availed before the expiry of third financial year, provided the capital goods are in the possession of dealer. After the end of the third financial year the credit shall lapse.
For more details: https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=5242
Recent Threads
- Is form 10 IE needed in this case?
- TDS on purchase of property more than 50 lakhs
- Withdrawal from post NSS
- Section 10(11) or 10(12) of exempted income
- New income tax act
- Duplication of Interest on SCSS deposits in postof
- Declaration of foreign investment
- Parent buying property for major child
- LIC maturity amount filing missed
- Advice on income tax
Related Threads
CAclubindia
