Itc on depreciable captial goods

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2017 RESPECTED EXPERTS,

I WANTS TO KNOW THAT IS TAX CREDIT OF GST ON CAPITAL GOODS WILL BE AVAILABLE IF ON THAT ASSET WE CLAIMS DEPRECIATION UNDER INCOME TAX ACT.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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23 June 2017 Income tax act & GST are both different Act. You can claim ITC irrespective of fact that depreciation claimed under Income tax act.

Dibin Divyakumar

Dibin Divyakumar (Expert)
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24 June 2017 If you claim ITC on Capital Asset, then on the portion of Tax in Asset you are not eligible for Depreciation, ie when you avail the ITC the asset value will be the Pre Tax value and the dep will only be on the pre tax value.