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.
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.
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
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
01 May 2015
welcome, it's my pleasure
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