in the case of vat

jainendra sharma (Querist) 13 July 2011 This query is : Resolved
sir,

i want to know that if we have purchased any goods with tax invoice and vat applicable on such goods and the goods capitalized in the firm. so how can we adjust vat liabilities in such case. can i claimed the input vat liabilities from such goods.

what is the procedure and which entry passed in such case ?

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R.Ramachandran (Expert) 13 July 2011
Under which State VAT you are operating?

prabhakar singh (Expert) 14 July 2011
YES,VAT IS STATE MATTER

jainendra sharma (Querist) 14 July 2011
under u.p. vat

R.Ramachandran (Expert) 14 July 2011
Please See Sec. 2(f) of the UP VAT ACt which defines what is Capital Goods.

Then Sec. 13 which prescribes the conditions for allowing input tax credit on Capital Goods.

jainendra sharma (Querist) 15 July 2011
thank you sir

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