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INPUTVAT CREDIT ON CAPITAL GOODS IN ANDHRA PRADESH-

srikanth (Article student) (25 Points)

08 January 2010

Any body plzzz... tel me

whether input vat credit on purchase of capital goods can be taken in the same year or any procedure else. ( in Andhra Pradesh)

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6 Replies

Naresh Reddy (CA,Final) (123 Points)
Replied 08 January 2010

Actually VAT on capital goods credit can be taken 50% on credit on the same year when it is purchase and the next year the balance can be cliamed.

kuldeep (Accountant) (49 Points)
Replied 27 January 2010

why not we claim it in same year

kuldeep (Accountant) (49 Points)
Replied 27 January 2010

why not we claim it in same year

K Bala Kishan (Working) (631 Points)
Replied 28 January 2010

In Andhra Pradesh, there is no separate definition of Capital Goods and any rules framed for it. Whether capital goods, packing materials, raw materials, what ever..other than negative list of goods, any thing can be taken for claiming input tax credit in Andhra Pradesh and there is no restriction of period as such. But the purchase must be on or after 1st April 2005 onwards. Hope now its clear. The differentiation of capital goods and other goods is there in Tamilnadu and nothing in Andhra Pradesh as such