TaxTMI 
TaxTMI 
vat as input credit
10 Jul 2014 
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Input tax credit restrictions: specified non-creditable goods barred from credit, with resale and licensed dealer exceptions.
VAT paid on goods listed as non-creditable in the DVAT Seventh Schedule cannot ordinarily be claimed as input tax credit; listed categories include vehicles and parts, fuels, clothing, food and beverages, entertainment electronics, certain cooling equipment, tobacco, office furniture and equipment, heavy machinery, personal consumption items, employee facility goods, and goods forming part of immovable property. Exceptions permit credit where such goods (other than specified exclusions) are acquired by a registered dealer for resale in unmodified form or as raw material for manufacture/processing for sale, and where fuel is purchased in commercial quantities by a licensed fuel dealer for resale. (AI Summary)
VAT paid on goods listed as non-creditable in the DVAT Seventh Schedule cannot ordinarily be claimed as input tax credit; listed categories include vehicles and parts, fuels, clothing, food and beverages, entertainment electronics, certain cooling equipment, tobacco, office furniture and equipment, heavy machinery, personal consumption items, employee facility goods, and goods forming part of immovable property. Exceptions permit credit where such goods (other than specified exclusions) are acquired by a registered dealer for resale in unmodified form or as raw material for manufacture/processing for sale, and where fuel is purchased in commercial quantities by a licensed fuel dealer for resale. (AI Summary)
Does any vat paid can be claimed as credit.if not so , then what is the eligibility to qualify input vat credit