Hi,
How to take the set off against Vat on Capital goods ( Eg:- Purchase of furniture/computer etc which is not for production purposes)
Thanks in advance
1 Replies
Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 06 January 2011
Input tax credit available on capital goods
Input tax credit on capital goods will also be available for traders and manufacturers. Tax credit on capital goods may be adjusted over a maximum of 36 equal monthly instalments. The States may at their option reduce this number of instalments. The State of Maharastra has decided to give full input tax credit in the month of purchases only. However, if the capital asset is sold within the period of 36 months proportionate input credit will be withdrawn. There is a negative list for capital goods (on the basis of principles already decided by the Empowered Committee) not eligible for input tax credit.
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