Please Help: input tax credit on spares
Posted Date : 11-May-2012 , 04:41:26 pm | Posted By: Ruchika Baranwal
Category :
VAT | Answers :
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Comments :
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when we used spares etc for repairing of machinery and write off it through Profit/Loss account.Then can we book itc on such spares
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Answers:
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 Answer by: Rishabh Upadhyay |
| VAT credit is generally allowed on spare parts used for repair of machinery. How ever in certain cases like Air conditioners , Spare parts are not eligible for vat credit. Though the opinion of Sale Tax Officer can be sought after as it is a matter of debate
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| Answer by: CA Richa Gupta |
| NO its not posible
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| Answer by: Rishabh Upadhyay |
| Hi ruchika,, as already answered, yes, VAT credit on spare booked as repair can also be booked for the purposes of vat adjustment
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| Comments |
| Posted By : Arun Kumar Maurya |
24-Dec-2014, 01:51:18 |
| how to written of the vat input credit which expire.please tell me the entry. |
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| Posted By : Ruchika Baranwal |
21-May-2012, 11:07:09 |
| hello Mr Rishabh,can u tell me under which section or what reference can be given for vat adjustment because local dept is denying it he want proper explanation in support of vat adjustment |
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| Posted By : Ruchika Baranwal |
12-May-2012, 02:11:21 |
| i know capital goods include spares,components eligible for vat credit and allowed to be utilized in 36 months but i am asking about spares parts that are used for repairing of machinery (used for manufacturing) and which is written off as repair & maintenance exp not capitalised. 'Input' has not been defined under upvat act then whether spare should be considered as input / capital goods or no itc should be booked. |
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