Vat - input credit

Yes you can avail the input VAT credit on asset purchase to set-off your output VAT liability.  The process of taking the input credit is differennt for different states.  Some take the 100% credit, werheas in some cases the VAT credit is taken in equal installments over a period of time, say for 36months.

Just as you take teh input credit for excie duty paid on capital assets, same way the input VAt paid on asset purchase can be taken as a credit, subject to as explained above.

Dear all,

Can we claim 100% Input Tax Credit under Himachal Pradesh if Output VAT on Sale is less than Input VAT on Purchase, or one can say that if Loss booked...

Thanks,

Janesh Jindal