GST Input Tax Credit on Capital Goods
This query is : Resolved
Santosh Katre
(Querist)
27 June 2024
We have availed Input Tax Credit on capital goods. but Company has surrendered proportionate ITC taken u/s 43 of GST Act on exempted supplies.
Now after surrendering the GST, balance amount we want to reverse from Electronic ledger permanently. Can we capitalise the this reversed ITC and claim depreciation on the it.
Please guide on the same.
Now after surrendering the GST, balance amount we want to reverse from Electronic ledger permanently. Can we capitalise the this reversed ITC and claim depreciation on the it.
Please guide on the same.
CA R SEETHARAMAN
(Expert)
28 June 2024
Yes, capitalise and claim depreciation.
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