VAT ITC on Capital Goods
This query is : Resolved
16 June 2008
Dear Friends,
Please clarify the following
1. While reversing the ITC, is it necessary to exclude the Captial Goods ITC portion?
2.e.filing of monthly returns - who is eligible ? is it based on the volume of tax payments to the department
3. For eg Good purchased within the state for the purpose of manufacturing @12.5 % tax rate and goods will be sold to interstate @4 % against C form. Please explain me how to reverse the ITC ?
4. For the Sales of EOU /SEZ /Merchant Exporter , is it necessary to reverse the ITC and claim the refund from the department? or instead of claiming that shall we do the non reversal is it permissale.
5. If the manufacturer is an EOU can they claim the ITC for their inputs ? What is the procedure to do that?
Yours
Please clarify the following
1. While reversing the ITC, is it necessary to exclude the Captial Goods ITC portion?
2.e.filing of monthly returns - who is eligible ? is it based on the volume of tax payments to the department
3. For eg Good purchased within the state for the purpose of manufacturing @12.5 % tax rate and goods will be sold to interstate @4 % against C form. Please explain me how to reverse the ITC ?
4. For the Sales of EOU /SEZ /Merchant Exporter , is it necessary to reverse the ITC and claim the refund from the department? or instead of claiming that shall we do the non reversal is it permissale.
5. If the manufacturer is an EOU can they claim the ITC for their inputs ? What is the procedure to do that?
Yours
19 June 2008
Can you please clarify this
15 June 2023
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