Hi everyone,
can u please tell me whether a dealer dealing with 7th schedule(non creditable) goods take input tax credit on capital goods?
thanks Sachidanans
Sachidanand (None) (25 Points)
26 June 2013Hi everyone,
can u please tell me whether a dealer dealing with 7th schedule(non creditable) goods take input tax credit on capital goods?
thanks Sachidanans
MJ Krishnamurthy
(ACCT(Retd))
(7197 Points)
Replied 28 June 2013
Machineries or other capital goods related to production and sale of taxable goods only can take credit of input tax.In other cases it is not permitted. Similarly machineries purchased for doing job work will not be eligible for input tax credit.......mjk
Sachidanand
(None)
(25 Points)
Replied 29 June 2013
Thanks sir...it is nice to have professional like you for our further guidence.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India