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VAT ITC credit of Forklift

VAT and Sales Tax - Started By: - Parth Bhatt - Dated:- 25-9-2016 Last Replied Date:- 30-9-2016 - Dear ExpertsPranams. This is Parth Bhat from Ahmedabad.I am Tax Accountant in a automobile ancilliary manufacturing company.My question is whether forklift used in material handling inside plant can be categorised as vehicle ? My vat auditor has raised/querry nd disallowed credit. Under Guj VAT definition of Cap Goods is plant n machinery used for manufacturing taxable goods accounted as fixed asset .....

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anufacture of taxable good and accounted as capital assets in the books of account; Thus, plant and machinery which are meant for use in the manufacture of taxable goods and which are accounted as capital assets in the books of account are capital goods. As per judgment dated 15.7.2011 of the Honourable Gujarat High Court in the case of Reliance Industries Ltd. V/s State of Gujarat (SCA No. 11848 of 2005) = 2011 (7) TMI 1043 - GUJARAT HIGH COURT crawler cranes, loaders, mobile cranes, motor grad .....

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