Can vat credit be taken on capitals goods like work station, tools,jigs, etc,
what is the procedure for taking vat credit on capital goods item?
R.Karthikeyan (Cost Analyst) (80 Points)
21 August 2012Can vat credit be taken on capitals goods like work station, tools,jigs, etc,
what is the procedure for taking vat credit on capital goods item?
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 21 August 2012
Vat credit is availalbe on capital goods subject condistions prescribed. For the condition you need refer related state vat act and rules.
Regards
Dayananda
Vineet
(Assistant Manager)
(140 Points)
Replied 24 August 2012
yes input can be taken on capital goods but you can't utilize the full amount..you can utiflize 50% in the year of put to use and rest in other financial year.
apart from this you have to show asset value less of taxes while capitalized.
hope it answer your query.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
