Input vat

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2013 DEAR SIR,

I AM JOINED MFG UNIT-PHARMA, I WANT TO KNOW ABOUT INPUT VAT , WHICH TYPE OF PURCHASES CAN I TAKE INPUT VAT AND PLEASE EXPLAIN TO ME.

RENGARAJ R.K

RENGARAJ R.K (Expert)
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07 September 2013 1) ALL RAW MATERIALS, PACKING MATERIALS ARE ALLOWED.

2) CAPITAL GOODS - IN INSTALMENTS ITC IS ALLOWED, i.e., FIRST YEAR..% SECOND YEAR %

Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2013 Thank you sir,

1.Purchase of furniture for factory office 2.Purchase of engineering material(like nut bolts)
3.purchase of tails & coal

In the above purchases i have to take credit or not
and anther one in my company they have 100% taken canvat credit in capital goods it is right or wrong

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RENGARAJ R.K

RENGARAJ R.K (Expert)
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07 September 2013 First of all, you have to tell which state vat the query relates to.

Next, furniture is not allowed
engineering materials- you have a chance, provided if such engineering materials are parts and accessories.

100% cenvat ? do you mean vat ITC or excise cenvat. In both cases, 100% is not allowed in first year.