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Input vat credit

chandan pal (Assistant Accountant) (81 Points)

13 September 2016

Input Vat of Capital goods adjustment period of Vat return. Suppose we have purchase a Computer from register dealer between 1st Quarter. Hence vat amount adjusted with this quarter or whole year quarter.

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1 Replies

chandra sekar (Manager-Accounts) (387 Points)
Replied 15 September 2016

First of all, No input VAT is elgible on computer purchases. As per capital goods are concerned, only on machinery, we can claim input tax, which has to be adjusted thro a schedule of 50% in I Year, 25% in II year and 25% in III year.