There are two manufacturing concern (Steel , sponge & Power).. One is taking V- belt as capital goods & other is taking as Input goods...use is same in both the concern...please guide me whether the same is Capital Or Input good...Tariff Heading 4010/3290...plz dont suggest on the basis of chapter heading 82,84,85 &90
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Treatment of v- belt
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its not to be used as capital goods, but can be used under"stores and consumables" and to be put to inputs.
Dear Jitin,
That V-Belt comes under the definition of Capital Goods namely "components, spares and accessories of the goods specified at (i) and (ii)" because it is an accessory of the Capital item na.
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