Gst input in capital goods

This query is : Resolved

Pritom Baruah (Querist)
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05 May 2018 Dear Sirs
We have started a new business and purchased machinery from outside state. Now, can we directly take a input credit of GST? Please give me accounting treatment also.
Thanks

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 May 2018 Claim GST credit on machinery over the expected life of the machinery. Capitalize the machinery excluding GST as ITC is claimed.

Anmol Davesar

Anmol Davesar (Expert)
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06 May 2018 capital goods a/c debit
igst input debit
to bank/supplier of machinery

but itc will be available in 5years useful life...

if you are paying gst on montthly basis, then you will get full itc in 60 months.. if quarterly, then in 20 quarters.

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