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Input tax credit on purchase of printer

shilpashree (-) (28 Points)

11 September 2015

please clarify me whether we can take input credit on purchase of printer and Ups?

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dhanamganesh@gmail.com (private service Accountant) (80 Points)
Replied 11 September 2015

sorry.1. u cannot take the itc on printers and ups used for your office use. 2. incase u are a registered dealer and purchase as stock for resale then u can claim itc 3. if it purchased as plant and machinery suppose for using the macinery to operate or for your R & D Purposethen u can claim as industrial input on Capital goods,for next 2 years you can take the credit not more than 50% each year and this ITC Credit on Capital goods Purchase should be utilised with in the next 3 years of purchase. if there is any balance inthe Credit and un utilised then it cannot be carry forward after 3 years. and in case u take ITC as Purchasefor resale then u can carryforwardd the ITC untill your VAT Rc is alive without any specific period.

regards

p,r,ganesh