19 February 2014
We are manufacturing concern orgainisation, we purchase the chiller / freezer for the purpose of storing the finished goods at the customers place and also we capitalized that in out books of accounts....
my question is, can we take the input tax credit for the same..
19 February 2014
Normally, ITC is available on Capital goods on condition of that capital good has to be retain by you atleast 5 years. if the same is discarded before 5 year, proportion of same must be reversed. better to refer ur state VAT Act for knowing definition of Capital good.
we manufactur and sell beer in Delhi, for the purpose of visibility and to serve the chilled beer we place the chiller at various retails shop in delhi. we also capitalised that in the books.
CAclubindia
