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KVAT avail input credit

28 February 2008

Dear All,

Kindly confirm whether we can take input credit on following items for a Company in Karnataka engaged in manufacture of Industrial springs.For Details Below

1) Time attendance software for Workers
2) Angles & Flats purchased for Racks
3) M S Table
4) EPABX & telephones installed in factory
5) Trincular Stereo microscope
6) Grinding blocks for CNC grinder

Regards

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4 Replies

CA. Kirti S. Ganatra (Service) (1461 Points)
Replied 28 February 2008

Yes you can take credit of these items

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Raman Popli (Chartered Accountant) (52 Points)
Replied 06 March 2008

In the State of Karnataka, ITC is available when the purchased goods are used in the course of the business.

shivani (consultant) (122 Points)
Replied 31 March 2009

Input credit is available only in the following conditions Material(RM) which goes into finished goods, Items which helps in the mfg(consumable)& used in packing,And also Machinery and tools which helps in mfg activity.Are elgible to avail for input credit.Others are not allowed

Sandeep Kuncham J (Chartered Accountancy) (26 Points)
Replied 18 April 2009

Dear all,

In KVAT can we take input on 1) Moulds, 2)spares used in repair of plant and machinery

if yes,

what is time frame to take input credit. if spares are purchased in one financial year but due to error failed to claim input, can this input be claimed in the next financial year.

Sandeep