17 October 2008
Can some one elaborate on the meaning of the word "corresponding goods" used in MVAT Act for the purpose of retention of input tax credit under rule 53 (3)
20 November 2008
Corresponding goods has been clarified in Circular No. 8 of 2008 -09 dtd. 11th November 2008.
It has been clarified that corresponding goods would not include: - consumables, stores or goods treated as Capital Goods; - Parts, components and accessories of capital goods;and - Fuel.
However in case of packing materials used along with goods sold,etc the same has to be considered for reduction/set off purposes.
Hope the same clarifies your issue. In case you need any further details/clarifications, pls. let me know the same.
CAclubindia
