Input credit on capital goods_karnataka vat

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 April 2015 Hi.

We have a client who is a trader. He imports goods & sells them in local & interstate transactions.

They have purchased capital items like Computer/Furniture's etc on which VAT is applicable.

Please let me know can Input vat be availed for these capital items.

Vishnu Saboo

Vishnu Saboo (Expert)
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30 April 2015 capital goods are well defined in VAT act.
everything we capitalize is not capital goods.
you have to see the definition of capital goods.
in my opinion he is not eligible for avail ITC on computer and furniture

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Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2015 Thank You for clarifying

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Vishnu Saboo

Vishnu Saboo (Expert)
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01 May 2015 welcome, it's my pleasure