11 October 2008
in quaterly vat return assesse has not used the input credit of captial goods, now its time of vat audit so can we claim the input credit on capital goods now ?
12 October 2008
it depends on each state's VAT Law.
certain states have a time barring within the end of the financial year or 90 days of the date of the purchase, whichever is later in the case of Tamilnadu VAT
In my view even if it is barred by time also can be claimed. As departmental authorities will not accept this view. Afterall for what purpose the VAT audit is being conducted, it is not only for to findout what tax was not discharged but also to give credit where he is eligible to claim, therefore the limitation should not affect the right to claim credit
13 October 2008
the assesse is of gujarat state so can he claim the credit of the capital goods in vat audit but actually he has not availed the credit in quaterly return..?
Kindly intimate the local jurisdictinoal officer where your returns to be filed let him issue the endorsement or notice with respect to non-claiming input tax credit on purchase of capital goods which are eligible to claim
If the authoirty rejects the same, in that case an appeal can be preferred.
14 October 2008
In Assam, section 33 casts responsibilities on A.O. to scrutinise all the returns in respect of correctness of ............. & input tax credit claimed therein. In case he finds any mistake, he will issue a notice to the delaer to cure the defect. If such type of provision is there in Gujarat VAT Act, you can take the benefit of the same by intimating the A.O. regarding defect/ mistakes in your returns. (I am assuming that time period for filing revised return expired)
CAclubindia
