Itc on capital goods

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s.sreedevi (Querist)
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17 March 2014 Sir

What is Capital goods? The goods purchased such as bolt, nut, spring and other consumables purchased to maintain the machinery is also includes capital goods. Please clarify..

If the above goods are classified under capital goods means, we have taken ITC 100% like purchases. What is the impact of credit taken wrongly as 100% instead of 50% for capital goods. How can we rectify the same.

Please clarify this urgently.

with regards
S.SREEDEVI

ANANDAKUMAR

ANANDAKUMAR (Expert)
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22 March 2014 YOU CAN FILE REVISED RETURN FOR THAT MONTH WITH CORRECTED ITC ON CPAITAL GOODS AND HAVE TO PAY THE REVERSAL OF TAHT ITC WITH APPROPRIATE INTEREST