20 December 2010
Assuming that a company has purchased products from local market (Ormay be even imports) for its regular trading.. it has also taken the VAT / CENVAT input credit for these goods...
later it utilises such goods in construction / expansion of its premises.... such goods need to be capitalised, and the company has done so....
now in such situation how is it to take or reverse the VAT INPUT CREDIT. as, we can take only 50% input in current year in case of CAPITAL GOODS,, but it has already taken full 100% input...
also, it doesn't have bar coding system to verify what stocks have been capitalised or used for personal use...(Price of commodities keep changing regularly)
so what should such company do to take proper amount of VAT / CENVAT INPUT CREDIT????
CAclubindia
