09 July 2010
i want to know weather input tax credit is available for capital goods purchase from local market ? if yes when we can claim input tax credit for that capital good, weather immediately or later ?
16 July 2010
VAT ITC on Capital goods depends on state to state. Your query is related to which state? Plz specify.
Like in Tamilnadu, Capital goods can be claimed in 36 instalments. In Andhra, there is no specifiic capital goods and other goods. IT can be claimed as such other materials.