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?
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Input vat credit
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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
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