what is meant by Input credit
on which expenses (Capital exp or Operating exp) we can claim.
4 Replies
SNEHASREE
(ARTICLED ASSISTANT)
(102 Points)
Replied 03 March 2009
HI
INPUT CREDIT IS AVAILABLE ON
1.INPUTS PURCHASED FOR MANUFACTURE EX:VAT, EXCISE DUTY PAID ON PURCHASE OF GOODS(INPUTS).
2.ON CAPITAL GOODS PURCHASED FOR THE PURPOSE OF MANUFACTURE.
3.ON SERVICES WHICH IS IN RELATION TO MANUFACTURE.EX:SERVICE TAX PAID WHILE AVAILING VARIOUS SERVICES. ON INPUTS AND ON SERVICES WE CAN CLAIM 100% DURING THE SAME PERIOD.BUT ON CAPITAL GOODS ONLY 50% CAN BE CLAIMED DURING THE RELEVANT PERIOD AND THE BALANCE IN ONE OR MORE SUBSEQUENT PERIOD PROVIDED ASSET MUST BE IN POSSESSION. FOR AVAILING CENVAT CREDIT CREDIT IN RELATION TO EXCISE DUTY, CUSTOMS DUTY,SEVICE TAX CENVAT CREDIT RULES APPLY.REFER CENVAT CREDIT RULES FOR DETAILED CLARIFICATION.
Sachin
(Chartered Accountant)
(419 Points)
Replied 03 March 2009
Dear Ramshankar,
Input Credit means to take benefit of the tax on purchase of goods or service. please write me to know further sachinagarwalcallb @ gmail.com
Tejashri
(Assistant finance manager )
(28 Points)
Replied 04 March 2009
what is meant by TDS under Vat ?
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