Vat on capital goods

Mr. Davender,

You must apolozise on your words, you can't underestimate a person capibilites & also if you don't have patience & if you can't satisfied the person in need..

I suggest you to leave the field of CA Club.

Regards,

CA MOHIIT VAATS

Well Mr Suvendu,

U would be eligible for the input tax credit on capital goods purchased.

The said input tax credit would be available in 2 equal installments.

Well, payment on purchase is not the criteria for availing the input tax credit. The main criteria is that the ITC can be calimed in the year in which the capital assets are put to use.

AS PER CHAPTER III , CLUASE 22(4) OF WEST BENGAL ACT YOU ARE ELIGIBLE FOR INPUT TAX ON CAPITAL GOODS PROVIDED YOU ARE USING FOR BUSINESS PURPOSE AS UNDER.

IF PURCJHSE PRICE IN LESS THAN RS. 1 CRORES- IN ONE MONTH

IF PURCJHSE PRICE IS RS. 1 CRORES AND MORE - 4 HALF YEARLY INSTALLMENT

RELATED RULE IS 19 UNDER CHAPTER V.

PAYMENT HAS NO BEARING ON AVAILABILITY OF ITC.

HOPE YOUR QUESTIONS ARE ANSW.

i want to understand whether sale of capital goods under Rajasthan vat is liable to tax or not?
eg: I have sold motor Vehicle. the said motor vehicle had been purchase in retail invoice on 30.3.2007 and taken in our balance sheet as fixed assets and we regularly claim depreciation on the said assets. I have not taken any input tax credit at the time of purchase. Today i want to sale the said vehicle. Let me know whether we have to pay vat or not? pl clear the provisions of law


Thanks

Mukesh Khandelwal

9828242065

Dear Friends,

Can we claim input Credit on purchase of compueters, furniture as Andhrapradesh State Vat Act

Plz Clarify me

Rakesh

Rakesh kumar,

you can claim itc provided that computer, furniture should be capital goods for your business or purchased to resale purpose( stock in trade)

i want to know the amount of input tax credit on capital goods purchased under hire purchase under west bengal vat act?

Please suggest me that I wants purchased a Machine costing approx 30,00,000/- will I claim for ITC and How ?