Dear All
I am confussed about the tretment for VAT Paid on Capital Assets.
As per my knowledge VAT paid on capital assets are eligible to set off 1/3 each year but maximum in 3 year and full amount
Whether my tretment correct or not?
Applicable State MAHARASHTRA VAT LAW
Please !!!!!!!
i think in maharashtra the whole of the VAT on capital goods can be taken as input.
but i might be wrong. I read this in the ICAI study material
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input credit on can be taken on capital goods on 50% of the purchase price on the year of purchase and the remaining 50% in 36 montly instalmants after the commencement of production.this is as per the most recent provisions.
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