Can we get set off on input vat on purchase of capital goods
This query is : Resolved
24 July 2012
Normally Yes barring few exceptions.
24 July 2012
depends on the state VAT act. it varies like set off in two yearly installments or 24/36 monthly installments.
Eg. if credit is Rs. 50,000 in 2012-13
set off in 2012-13 Rs. 25,000
set off in 2013-14 Rs. 25,000.
Eg. if credit is Rs. 50,000 in 2012-13
set off in 2012-13 Rs. 25,000
set off in 2013-14 Rs. 25,000.
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25 July 2012
In General, capital goods are allowed for set off, therefore kindly check up your State VAT Act whether your capital goods are appearing in that list.
As correctly said by CA.A.V Mankandan, each state has prescribed the set off period for availing the ITC on eligible capital goods.
As correctly said by CA.A.V Mankandan, each state has prescribed the set off period for availing the ITC on eligible capital goods.
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