1. whether can we Claim Capital Goods ITC fully in the month of procurement and installed or will be spread and claimed in next 60 months from the date of invoice. (Note the capital good is used in the production process of taxable goods alone and no exempted supplies will be produced.)
The machine is intended to procure in Jan2022 and install in Feb2022 how would be claim the ITC on the machine. The supplier will enter the whole credit in the month Jan2022 GSTR1. What will be the correct procedure to claim the ITC?
2. We have doubt about that the Rule 43 of CGST ACT restricts/ deals with only reversal of credit of ITC on Capital goods used for exempted supplies and not for capital goods entirely used for production of taxable supplies.
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