Negative list

This query is : Resolved

Vishnu Davadaparmar (Querist)
Follow

25 May 2015 Can any body give me nagetive list for gujarat vat (perticularly required for capital goods)

in which cases we can not get vat credit

thanks in advance

Kumar Gaurav

Kumar Gaurav (Expert)
Follow

25 May 2015 ITC on Capital Goods is also available, except on the following:

 Capital goods used in the manufacture of goods specified in Schedule
I or the goods exempted from the whole of the tax by a notification
under sub-section (2) of section 5 or in generation of electrical energy
including captive power;

 Capital goods, used in transfer of property in goods (whether as goods
or in some other form) involved in the execution of works contract;

Further, the capital good on which input tax credit has been claimed should
be used for a continuous period of 5 years, or else input tax credit is reduced
proportionately.