Our Recommendations :-
Follow CA Final FB Page

what are the inputs eligible to claim credit in vat ?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Uma asked about 3 years ago

    1       0 Answer Now Comment Report
6 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered about 3 years ago

• Credit will be available of tax paid on capital goods purchased within the State. Credit will be available only in respect of capital goods used in manufacture or processing. The credit will be spread over three financial years and not in first year itself. There will be a negative list of capital goods . Some States allow credit at one go while some allow over a period of 12 months and so on. • Credit will be available as soon as inputs are purchased. It is not necessary to wait till these are utilised or sold • No credit of CST paid : Credit of Central Sales Tax (CST) paid on inputs and capital goods purchased from other States will not be available

    1       0 Comment Report
Important Note – Preparing for CA Final?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below – 
For any questions Request A Call Back  
Data?1494421730 rohit awasthi answered about 3 years ago

Dear Friend the-inputs-eligible-to-claim-credit-in-vat • Credit will be available of tax paid on capital goods purchased within the State. Credit will be available only in respect of capital goods used in manufacture or processing. The credit will be spread over three financial years and not in first year itself. There will be a negative list of capital goods . Some States allow credit at one go while some allow over a period of 12 months and so on. • Credit will be available as soon as inputs are purchased. It is not necessary to wait till these are utilised or sold • No credit of CST paid : Credit of Central Sales Tax (CST) paid on inputs and capital goods purchased from other States will not be available • Manufacturer will be entitled to credit of tax paid on inputs used by him in manufacture. A trader (dealer) will be entitled to get credit of tax on goods which he has purchased for re-sale • Credit available on Any goods returned in future • The tax credit carried forward is also available for availing credit. Thanks

    3       1 Comment Report
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan answered about 3 years ago

INPUTS ELIGIBLE TO CLAIM CREDIT Purchases of raw material Goods purchased for resale Purchase of capital goods such as machinery or equipment for use in business Tools and accessories used in business Packing material for resale and use in manufacture For being used in execution in works contract For making zero rated sales Inputs required for exports. Thanks

    0       1 Comment Report
Open uri20170510 32134 tcchcu?1494421832 Jitendra Suthar answered about 3 years ago

Hiiii friend..... • Manufacturer will be entitled to credit of tax paid on inputs used by him in manufacture. A trader (dealer) will be entitled to get credit of tax on goods which he has purchased for re-sale • Credit will be available of tax paid on capital goods purchased within the State. Credit will be available only in respect of capital goods used in manufacture or processing. The credit will be spread over three financial years and not in first year itself. There will be a negative list of capital goods . Some States allow credit at one go while some allow over a period of 12 months and so on. • Credit will be available as soon as inputs are purchased. It is not necessary to wait till these are utilised or sold • No credit of CST paid : Credit of Central Sales Tax (CST) paid on inputs and capital goods purchased from other States will not be available • Credit available on Any goods returned in future • The tax credit carried forward is also available for availing credit. • And any other related taxes if any also available for Input tax credit. Thanks & Regards,

    0       0 Comment Report
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Vinod.P answered about 3 years ago

Hi Uma While claiming Input Credit on VAT , the following can be considered. 1. VAT paid on Purchase. - The VAT amount paid on purchase can be taken as input Tax Credit at the time of payment of VAT on Sales. But CST Paid shall not be available for set off 2. VAT on Sales Return- If the sales Return is happened within a specified period ( 90 Days in Kerala) from the date of sales, the tax paid on such sales during the previous month can be claimed as Input Tax Credit. But a debit Note from the buyer in prescribed format shall be submitted. 3. Advance Tax paid if any:- If any advance tax paid for Sales Tax Clearance or any other manner can be claimed as input tax 4. TDS:- If there is tax deducted at Sources can be claimed as Input Tax Credit by producing supporting documents 5. Carry Forward Tax Credit:- If there is any tax Credit in previous return period (excess input credit), it can be claimed while making payment of out put tax. Kind Regards Vinod.P

    1       0 Comment Report
 20180702 145746 Vaibhav answered about 3 years ago

1. Input tax credit is available on the opening stock as on 01.04.2005 purchased within one year of this date i.e., between 01.04.2004 to 31.03.2005. 2. Input tax credit is available for stock held on the date of registration, which has been purchased within three months of such date.

    0       2 Comment Report
Similar Questions
Get Notifications
Videos
Books
Notes
Loading
SIGN UP
Watch best faculty demo video classes

These top faculty video lectures will
help u prepare like nothing else can.