Input vat

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

20 September 2011 shall we take vat input credit on capital goods as per APvat act if yes how much shall i take input credit.plz reply me in detail

Ram Avtar Singh

Ram Avtar Singh (Expert)
Follow

20 September 2011 In Delhi 33% input vat credit to be taken in each three years.

CA Vibhash Kumar Sah

CA Vibhash Kumar Sah (Expert)
Follow

21 September 2011 In AP VAT there is no concept of Capital Goods or other Goods. However a negative list has been provided in Rule 20 (2) of AP VAT Rules read with Section 13 of the APVAT Act. So if input credit is available otherwise on any goods , it doesnot make any differene even if it is capital goods and 100% input credit can be claimed in the same year. In case of Works contractor the Credit is available to the extent of 90% only.

We would be able to provide u precise opinion if u mention the nature of ur company business and the description of goods under question.

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

21 September 2011 WE ARE THE MANUFACTURERS OF STEEL TMT BARS NEAR VIZAG.