Credit on Fixed Asset

This query is : Resolved 

07 February 2009 Can i take VAT credit of input VAT of Computers purchased

07 February 2009 No

Input tax credit can be taken only on the purchase of capital goods meant for use in the manufacture of taxable goods


07 February 2009 Hi Amol & Mohilji

As per Maharashtra VAT u can even claim setoff on capital goods other than motor car. in case plant & machinery u can claim 100% of set-off. in any other case u can claim set off after retention of 3%
in case of computer it is covered by schedule III i.e 4% so after retention of 3% u can claim set-off of 1% of the vat on computers as input tax credit.

hope the above will solve ur purpose


08 February 2009 Retention is applicable only if the goods manfactured are tax-free goods.



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