Input Credit of VAT

hello sir/mam,

i m purchasing some material inclusive of vat and thereon an amount of subsidy is also given by the suplier.

i want to know that whather should i take the whole input VAT credit or propotionate VAT on material cost after subtracting the subsidy theron?

e.g.
material cost 1200
VAT theron 48 ( @ 4%)

total price 1248

let subsidy 624

net amount payble to suplier 624

now i have two opinion.
1:-

Input VAT credit will be 24 {i.e.(1248-624)*0.04/1.04}

and the second one:-
Input VAT credit will be 48 {i.e.(1248*0.04/1.04} means the whole Input VAT.

what should i do???