We are manufacturers of rubber parts. We have purchased tempo for despatching material to our customers. CAn we take input credit for the purchase of tempo. KIndly calrify.
1 Replies
RENGARAJ R.K
(ADVOCATE)
(7557 Points)
Replied 08 December 2011
Apart from raw materials, and trading stocks, only the following types of capital goods are allowed to be taken as ITC (input tax credit) in Tamilnadu VAT Act, and hence vechiles (in your case tempo) will not be covered for availing input tax.
Capital goods” means, –
a) plant, machinery, equipment, apparatus, tools, appliances or
electrical installation for producing, making, extracting or
processing of any goods or for extracting or for bringing about
any change in any substance for the manufacture of final
products;
b) Pollution control, quality control, laboratory and cold storage
equipment;
c) Components spare parts and accessories specified at (a) and (b)
12
above;
d) moulds, dies, jigs and fixtures,
e) refractors and refractory materials,
f) tubes, pipes and fittings thereof; and
g) Storage tanks.
rengaraj r.k
Recent Topics
- Interest earned on deposits placed with corporates
- Pension Misclassification and Correction in ITR
- Failed to File SPL-02 before June 30th
- AIS Utility
- Fees receipts for Technical services ..income
- INTEREST WILL PAID
- GSTR-2A Shows 3B not filed but actually files
- Private Limited Company Strike Off (No Business in
- GST on forfeiture of Security Deposit
- Form16 shows investments as done - But I will go b
Related Threads
Trending Online Classes
CAclubindia
