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Reversal on input tax credit on capital goods under Tnvat act

VAT and Sales Tax - Started By: - THYAGARAJAN KALYANASUNDARAM - Dated:- 18-8-2016 Last Replied Date:- 20-8-2016 - Dear expert,one of my manufacturers of automobile components and related goods. They have purchased capital goods and which is used for .....

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itc even applicable to capital goods? - Reply By JSW CEMENT LIMITED - The Reply = Dear Mr. Thyagarajan,The proviso to SEction 19 subsection (6) reads as under:(6) No input tax credit shall be allowed on purchase of capital goods, which are used exclu .....

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manufacture of taxable goods in the manner prescribed.]Accordingly you will have to reverse proportionate input tax credit availed on Capital Goods. - Reply By THYAGARAJAN KALYANASUNDARAM - The Reply = Dear sir,In our case all the goods which are ma .....

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(5)(c) and 19(2)(v) reverse the input tax credit to the extent the sales made to outside the state during the financial year 2014-15. Even as per the sec 19(3) clearly says that if the goods are taxable one then there is no question of reversal. Wher .....

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and the question raised. The Section 19(5)(c) and 19(2)(v) of TNVAT as referred by the Sales Tax authorities have been omitted by Act No.5 of 2015 Tamil Nadu Value Added Tax (Amendment) Act, 2015 dated 31st March 2015. As such, you can fight with the .....

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from one of the article of Sri Mariappan Sir, i am representing the relevant para for your reference. There is no provision for reversal of credit on capital goods. The credit on capital goods shall be availed up to 50% in the same financial year. In .....

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aler sells or transfers the capital goods there is no requirement of reversal of credit, in my opinion. Thanks. - Reply By JSW CEMENT LIMITED - The Reply = Sir,Section 19(5)(c) talks of goods sold as such or goods used in manufacture of other goods ( .....

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