whether input credit on capital goods can cliam fully without any installments
14 Replies
Deepesh Khatri
(CA)
(167 Points)
Replied 20 December 2010
In Maharashtra you can take full credit in a single year. Please refer to your state Vat Act.
Tharun Raj
(CMA)
(1016 Points)
Replied 20 December 2010
Input tax credit on capital goods can be claimed in india for a period not exceeding 36 months.
As the return is filed monthly, the credit has to be apportioned equally for 36 months and can be taken.
Sandeep Pandey
(CA FINAL)
(1306 Points)
Replied 20 December 2010
we can take it in installment.................
srinivass
(CA Final)
(2466 Points)
Replied 21 December 2010
no yaar it cant be claimed fuuly once ......it will be claimed in 36 months.........the conseres stste govt may reduce this time period ......
CA Priya
(CS Final)
(1049 Points)
Replied 21 December 2010
Maximum installments allowed is 36................... Other facts correct as stated above and depending upon yr state VAT...................
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 21 December 2010
Number of installments vary state to state and on merit of amount of ITC involved in capital goods,
radhika rawat
(student)
(93 Points)
Replied 21 December 2010
The credit will be spread over 3 financial years and not in first year itself. However,states has deviated from these provisions. In west bengal and kerala it is available for 36 months and in karnataka 12 months installments....so it depends upon ur state vat act
rushi kesava
(Internal Auditor Delphi Asia Pacific)
(41 Points)
Replied 21 December 2010
Hi
My caterer has charged VAT on bill amount and service tax component in his bill. Whether the calc. done by him is correct?
He has availed abatement of 50% of service tax. I know that it is not correct. But i need a notification or a cirular or a provision of the act so that i can argue with him.
Can anyone help me in this regard?
Regards,
Kesava.
Raghunath Prasad
(WORKING)
(385 Points)
Replied 21 December 2010
| Originally posted by : srinivass | ||
 |
no yaar it cant be claimed fuuly once ......it will be claimed in 36 months.........the conseres stste govt may reduce this time period ...... |
 |
agree
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 21 December 2010
| Originally posted by : rushi kesava | ||
|
|
Hi My caterer has charged VAT on bill amount and service tax component in his bill. Whether the calc. done by him is correct? He has availed abatement of 50% of service tax. I know that it is not correct. But i need a notification or a cirular or a provision of the act so that i can argue with him. Can anyone help me in this regard? Regards, Kesava. |
|
Government of India
Ministry of Finance
(Department of Revenue)
New Delhi, dated the 25th July, 1997
3 Shravana, 1919 (Saka)
NOTIFICATION
No. 30/97-Service Tax
G.S.R.416(E).-In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts taxable service provided by an outdoor caterer from so much of the service tax liviable on such caterer, as is in excess of the amount of service tax calculated on fifty per cent. Of the gross amount charged from the client by such caterer for the services provided in relation to catering:
Provided that the said exemption shall apply only in such cases where the outdoor caterer also provides food and the bill issued for this purpose indicates that it is inclusive of charges for supply of food.
Explanation.- For the purposes of this notification, the expression "food" means a substantial and satisfying meal.
2. This Notification shall come into force on the 1st day of August, 1997.
(Navneet Goel)
UNDER SECRETARYTO THE GOVERNMENT OF INDIAF. No. B.43/8/97-TRU
Uday V
(Articleship)
(23 Points)
Replied 24 December 2010
Hi
It varies of different state act
please check according to the state act as per the karnataka value added tax act 2003 state you can avail in one shot.
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