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GST Input Tax Credit on Capital Goods

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(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.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
28 June 2024 Yes, capitalise and claim depreciation.
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