L KANAGARAJ (Assistant Manager-Finance) (615 Points)
29 December 2009Sir,
If the Company purchase a machinery on 02.03.2009 for Rs. 1,04,000/ including VAT part of Rs.4000.
How can we avail the Input VAT On capital Goods of Rs.4,000
whether 50% in March'09 VAT Return (1st year i.e.08-09) and Balance 50% in March'10 VAT Return( 2nd year i.e 09-10)
(OR)
50% in March'09 VAT Return (1st year i.e 08-09) and Balance 50% in April'09 VAT Return (2nd year i.e 09-10)
Guide me as per Tamilnadu VAT
Thanks
Ram Avtar Singh
(Nagari Sultanpur U.P.Delhi)
(14497 Points)
Replied 29 December 2009
vat credit allowed in three year
First year 33% (when purchase )
Second year 33% (In April)
Thired year balance( In April)
CA Anand Oberoi
(Chartered Accountant)
(296 Points)
Replied 29 December 2009
answer may vary from state to state as treatment of VAT is different is various states. in Punjab, 100 % of VAT credit on capital goods is taken in the year of purchase.
Saravanakumar
(Student)
(36 Points)
Replied 30 December 2009
You can take 50% in the year of purchase and and addtional point is it should be put into use.
the remaning 50% you can avail in the second year.
CA Anand Oberoi
(Chartered Accountant)
(296 Points)
Replied 30 December 2009
@ m. saravanakumar...
in which state this procedure is followed??? i think the procedure described by you is for claiming CENVAT credit of excise Duty on capital goods, and not the procedure for VAT input credit on capital goods.
Saravanakumar
(Student)
(36 Points)
Replied 14 April 2010
| Originally posted by : Anand Oberoi | ||
 |
@ Anand Oberoi in the state of TAMILNADU this procedure is followed.the procedure described by me is for claiming VAT credit on capital goods, and not the procedure for CENVAT input credit on capital goods. |
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