There are two manufacturing concern (Steel , sponge & Power).. One is taking V- belt as capital goods & other is taking as Input goods...use is same in both the concern...please guide me whether the same is Capital Or Input good...Tariff Heading 4010/3290...plz dont suggest on the basis of chapter heading 82,84,85 &90
2 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 23 August 2011
its not to be used as capital goods, but can be used under"stores and consumables" and to be put to inputs.
satya
(Executive Excise)
(1839 Points)
Replied 25 August 2011
Dear Jitin,
That V-Belt comes under the definition of Capital Goods namely "components, spares and accessories of the goods specified at (i) and (ii)" because it is an accessory of the Capital item na.
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