Is input vat credit allowed on capital goods
This query is : Resolved
Dev Kant Singh
(Querist)
05 June 2013
in put vat on capital goods is allowed or not
RENGARAJ R.K
(Expert)
05 June 2013
Yes allowed. Before installation, you have to inform the A.O (assessing officer)about the capital goods. After commencement of production, you can avail certain percentage of the ITC (input tax credit)in the first year and balance in the next years. This is based on your STATE VAT Act. You have not mentioned as to which state this query relates.
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