Friday, May 18, 2012

AP VAT - WHAT ARE THE GOODS ON WHICH I CANNOT CLAIM AN INPUT TAX CREDIT?

You cannot claim an input tax credit for the following goods that are defined in list as per Rule 20 (2) of APVAT Act.
a All automobiles including commercial vehicles / two wheelers / three wheelers required to be registered under the Motor Vehicles Act 1988 and including tyres and tubes, spare parts and accessories for the repair and maintenance thereof; unless you are in the business of dealing in these goods.
b Fuels used for automobiles or used for captive power generation or used in power plants.
c Air conditioning units other than those used in plant and laboratory, restaurants or eating establishments, unless you are in the business of dealing in these goods.
d Any goods purchased and used for personal consumption.
e Any goods purchased and provided free of charge as gifts otherwise than by way of business practice.
f Any goods purchased and accounted for in the business but utilized for the purpose of providing facilities to employees including any residential accommodation.
g Crude oil used for conversion / refining into petroleum products.
h Natural Gas and coal used for power generation.
i Any inputs used in construction or maintenance of any buildings including factory or office buildings, unless you are in the business of executing works contracts.
j Earth moving equipment such as bulldozers, JCB’s and poclain etc., and spares and accessories thereof unless you are in the business of dealing in these goods.
k Generators and accessories thereof used for captive power generation unless you are in the business of dealing in these goods.
l Goods listed in Schedule VI to the Act.
 

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