Dear All,
Pls let me know whether in West Bengal, Orrisa, Assam, Jharkhand, Chattisgarh VAT input tax credit will be allowed on spare parts which are used in:
a) plant & mechinery used for production process
b) other spare parts.
Awaiting your accurate reply. Pls reply soon.
Regards,
Aditya
Yes. ITC can be claimed on spare parts. CenVat credit rules clearly provides that spare parts are included in capital goods or plant and machinery and VAT Act of all these states provide that ITC can be claimed on capital goods.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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