We have purchased machinery for rs 7,00,000 incl vat rs 82,500 on 27/03/2010. Can we take credit of Vat in full amt in this qtr as we file vat ret qrtly.
1 Replies
Vijay Kumar.B
(A learner)
(185 Points)
Replied 29 March 2010
According to the provisions of Vat law, the vat credit on capital goods can be taken over a period of 36 months or 50% in the cuurent month and remaining 50% over the period of 36 months.
However, maharashtra vat law provides to take 100% vat credit in the month of purchase itself.
Hence, follow the provisions according to the relevant state vat law to which your question pertains
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