input credit of capital assets purchase
This query is : Resolved
27 March 2011
please help
We have registered for Vat under packaging services. this month have purchased capita assets (furniture / chairs etc.)of Rs.8,00,000 for office used. Kindly advise can we take input of such purchase Vat in Vat payment ? how much % of vat?
We have registered for Vat under packaging services. this month have purchased capita assets (furniture / chairs etc.)of Rs.8,00,000 for office used. Kindly advise can we take input of such purchase Vat in Vat payment ? how much % of vat?
29 March 2011
Please go thro the following...
in your case, Vat input claim is not available for Furnitures.
Capital goods under VAT.
Capital goods” means, –
a) plant, machinery, equipment, apparatus, tools, appliances or
electrical installation for producing, making, extracting or
processing of any goods or for extracting or for bringing about
any change in any substance for the manufacture of final
products;
b) Pollution control, quality control, laboratory and cold storage
equipment;
c) Components spare parts and accessories specified at (a) and (b)
12
above;
d) moulds, dies, jigs and fixtures,
e) refractors and refractory materials,
f) tubes, pipes and fittings thereof; and
g) Storage tanks.
used in the State for the purpose of manufacture, processing, packing or
storing of goods in the course of business excluding civil structures and
such goods as may be notified by the Government.
in your case, Vat input claim is not available for Furnitures.
Capital goods under VAT.
Capital goods” means, –
a) plant, machinery, equipment, apparatus, tools, appliances or
electrical installation for producing, making, extracting or
processing of any goods or for extracting or for bringing about
any change in any substance for the manufacture of final
products;
b) Pollution control, quality control, laboratory and cold storage
equipment;
c) Components spare parts and accessories specified at (a) and (b)
12
above;
d) moulds, dies, jigs and fixtures,
e) refractors and refractory materials,
f) tubes, pipes and fittings thereof; and
g) Storage tanks.
used in the State for the purpose of manufacture, processing, packing or
storing of goods in the course of business excluding civil structures and
such goods as may be notified by the Government.
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