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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Input tax credit can be carried forward , and can be adjusted against the suceeding months taxes also.
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.
can we claim ITC on capital goods??