VIGNESH (Manager Finance &Accounts) (327 Points)
27 November 2009One of my Client had purchased spares for machinery that meant for production and availed TNVAT Input credit. They Informed us TNVAT Input credit is eligible for purchase of machinery spares also. We have checked with TNVAT Act and we could not find out correcness of the claim . Kindly clarify the claim of TNVAT Input credit is correct or not
Narayanan.R
(Chartered Accountant)
(191 Points)
Replied 27 November 2009
| Originally posted by :VIGNESH | ||
| " | One of my Client had purchased spares for machinery that meant for production and availed TNVAT Input credit. They Informed us TNVAT Input credit is eligible for purchase of machinery spares also. We have checked with TNVAT Act and we could not find out correcness of the claim . Kindly clarify the claim of TNVAT Input credit is correct or not | " |
Logically it wont be available.
But i checked it couldnt able to found yar.
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 23 June 2010
you can also availed the input credit for the spares also. AS per section 2(11), the definiton of the capital goods means
Components, spareparts and accessories of the goods specified above ie for machineriesetc.
however you may take input 50% for first year and balance for the 2&3 years
C.P.Manikandan
(Internal Auditor)
(21 Points)
Replied 28 October 2011
We are purchasing Filters, Element oil & seperator fuel water for our machineries, shall we take VAT INPUT Credit for the same
Thanks & regards
P.Manikandan
hari
(accoountant)
(22 Points)
Replied 15 March 2012
We can print those documents they billed to our company on vat we shall claim that input credit
Kindly clarify
CAclubindia
