ITC on Capital Goods

24 August 2018

How should the ITC be accounted for in case of Capital Goods , like Electrical fittings and furniture for a shop dealing in garments

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3 Replies

Pankaj Rawat (GST Practitioner) (55037 Points)
Replied 25 August 2018

Yes ,.. you can claim full ITC in one installment & can be setoff against your output GST

Vinod Babu (24191 Points)
Replied 26 August 2018

Yes, you can claim ITC on capital goods if the invoice bears gstin and company name.

Narayan Shivhare (204 Points)
Replied 26 August 2018

you should consider tax free supply and taxable supply,,, if ur turnover also cover tax-free supply than propsponate ITC should be reversed

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