GST-ITC CLAIM ON FIXED ASSET OR DEPRECIATION
This query is : Resolved
06 June 2022
One can claim GST ITC on Fixed asset purchase or make provision for Depreciation on fixed asset in P & L Account ?.B
06 June 2022
Advisable to make provision for Depreciation, unless useful life is very short.
06 June 2022
Better go for depreciation .
08 June 2022
If you can take ITC and utilse it then always better to take ITC since you will get benefit for the whole amount.
Instead in depreciation you will get a benefit of 30% if that it income tax rate.
Instead in depreciation you will get a benefit of 30% if that it income tax rate.
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