We are a trading concern we have purchased some computers and furniture can we take take the Input credit of VAT paid by us on purchase of the computer as capital goods in gujarat
3 Replies
Sonu Kumar
(Account Manager)
(665 Points)
Replied 12 March 2013
Yes You Can Take Input Credit on Capital Goods But in 3 Years in Equal Instalment
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 12 March 2013
Yes input credit can be claimed on VAT paid on purchase of fixed Assets.
However different states have different methods of availing the input credit on capital goods. Some states allow to take input credit in 36 installments. Pls chk the procedure for gujrat and accordingly avail credit.
MJ Krishnamurthy
(ACCT(Retd))
(7197 Points)
Replied 15 March 2013
VAT paid on office furniture and computers are not eligible for ITC........mjk
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