as per Delhi VAT Rule Can we take input tax credit on Goods Purchase for Business Promotion like (Gents wallet, Cheque book folder, Table Desktop etc..)
VINAY
3 Replies
Jagdish Bhalia
(Practicing CA)
(453 Points)
Replied 19 February 2009
Input tax credit can be taken on those goods which are being used in manufacturing activity or a part of raw material.
In case of capital goods if capital goods are being used in office premises then input tax credit will not be available.
If capital goods are being used in factory area then input tax credit will be avaible accordingly.
Jagdish Bhalia
(Practicing CA)
(453 Points)
Replied 19 February 2009
on the above you can not take input tax credit.
amit jain
(Chartered Accountant)
(532 Points)
Replied 20 February 2009
input tax credit is available only on goods whether of capital nature or not but the same should be directly used for the manufacture of goods
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