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Q. > Please Help: input tax credit on spares
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
answered May 11, 2012 by Rishabh Upadhyay , Chandigarh
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
answered May 11, 2012 by CA Richa Gupta , Faridabad
NO its not posible
answered May 14, 2012 by Rishabh Upadhyay , Chandigarh
Hi ruchika,, as already answered, yes, VAT credit on spare booked as repair can also be booked for the purposes of vat adjustment
Experts Panelist
Comments
ruchika baranwal
12-May-2012 , 02:11:21 pmi 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.
ruchika baranwal
21-May-2012 , 11:07:09 amhello 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
Arun Kumar Maurya
24-Dec-2014 , 01:51:18 pmhow to written of the vat input credit which expire.please tell me the entry.