gst on purchase of assets
vandana0108 (Accountant) (57 Points)
17 June 2017
can gst on purchase of assets be claimed as input tax credit and depreciation can also be claimed.
vandana0108 (Accountant) (57 Points)
17 June 2017
HARSHAD S SHINDE
(PROPRIETOR)
(141 Points)
Replied 17 June 2017
HARSHAD S SHINDE
(PROPRIETOR)
(141 Points)
Replied 17 June 2017
CA Bhargav Nathwani
(CA in Practice)
(8307 Points)
Replied 17 June 2017
| Originally posted by : HARSHAD S SHINDE | ||
 |
100% credit is available in the year of put to use, depreciation on GST component is not available if input tax credit is claimed |  |
Agreed. either take credit or depreciation. Mutually exclusive.
PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1443 Points)
Replied 17 June 2017
If a person claim credit of ITC and didn't make depreciation then the person has to pay income tax on that amount..
Because if depreciation not claim then profit will be increase..
CAclubindia
