Manas (GST Compliance) (65 Points)
11 March 2017
Mahesh Babu
(CA Final)
(618 Points)
Replied 12 March 2017
Mr. Manas,
The panels used in the manufacturing comapny for heat control & dust free can be capitalize as an Asset, while these panels increase the life span of machines working capacity by controlling dust in the factory.
the Input on such asset can be claimed as Capital input tax credit of 50% and remaining balance can be claimed in next year.
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 13 March 2017
The capital goods have been defined in cenvat credit rules. Normal understanding would not help in credit. This wouldbe considered as an input on whcih 100% credit can be claimed on receipt.
Rakshit
(practising)
(338 Points)
Replied 28 March 2017
Credit under Capital goods can be taken when goods in question are components, parts or accessories of capital goods falling under HS code chapter 82,84,85 & 90 only. If not so, credit can be taken as inputs @ 100%
Raksh*t
9810525780
CAclubindia
