Input claim on capital goods
This query is : Resolved
14 June 2016
A manufacturing company purchase a capital goods, can the company claim input on capital goods in VAT? If it is possible then which method would be the best option for claiming input? If company claim input, can the company also claim depreciation as per IT Act & Companies act? What is the procedure for calculate VAT?
18 June 2016
Mr.Giri
Input tax on capital goods may be claimed should the asset be put to use in manufacture or any other process of taxable goods. As to depreciation the asset will be capitalized at net of tax value and depreciation may be claimed on the same.
Input tax on capital goods may be claimed should the asset be put to use in manufacture or any other process of taxable goods. As to depreciation the asset will be capitalized at net of tax value and depreciation may be claimed on the same.
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