Crane Purchase

[Vimal Goel]

We are a steel trading firm in Bangalore, having VAT registration.

Now we have purchased a new Crane (From Bangalore - For Own Use) where the manufacturer has charged us VAT at the rate of 14.5 percent .

Can we claim the above 14.5 percent VAT as regular input tax.

Request the forum panel to please suggest/guide on weather I can claim the same.

 

Thanks - Vimal Kumar Goel +91 9900554321

[V K]

on Capital Items also  can have the Input vat Credit.  All the VAT Credit can not be claimed at a same time. Kindly check in your state tax rules, usually it is 50 percent on same year 25 percent in next year & bal 25 percent in 3rd year.

pls go thru with Karnataka vat Rules.

Regards.. Vikas kapoor

AI Summary

Input tax credit on capital goods available subject to phased claim under state VAT rules.
VAT paid on a newly purchased crane by a VAT-registered trader can qualify as input tax credit but is subject to phased claim limitations under state VAT rules; the credit must typically be claimed across successive years according to the state-prescribed schedule and relevant procedural requirements should be checked.