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Home Forum VAT - CST - GST Month 8 2008 2008 (8) This
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Input Tax credit on capital goods - VAT - CST - GST

 
Issue Id: - 873
Dated: -19-08-2008
By:- balasubramanian n
Input Tax credit on capital goods

A plain reading of AP VAT ACT and rules gives an impresion that Input Tax credit on capital goods can be claimed in one shot and not in installments spraed over a period. Is that correct. Can some one enlighten me.

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Dated: - 19-08-2008
By: - T.SUNDARAM
Input tax credit can be carried forward , and can be adjusted against the suceeding months taxes also.



Dated: - 25-08-2008
By: - V Ramanujam
You are right AP VAT Act/Rules does not contain any specific provision that ITC on capital goods is to be spread over a period. Thus, you can avail ITC in one shot and if any excess remains after adjustment of liability, the same can be c/fd to subsequent period.

 
 
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