Input credit on capital goods-import purchase
This query is : Resolved
04 November 2017
Dear Sir,
We are manufacturing company, We purchase -(Import) Capital Goods ie Gas Chromatograph & Weight Balance both are use in our manufacturing process. We have paid IGST on import Purchase of capital goods.
Can we claim full ITC on the same or 50% ITC will be available.
Kindly revert on the same.
We are manufacturing company, We purchase -(Import) Capital Goods ie Gas Chromatograph & Weight Balance both are use in our manufacturing process. We have paid IGST on import Purchase of capital goods.
Can we claim full ITC on the same or 50% ITC will be available.
Kindly revert on the same.
04 November 2017
In simple words, ITC will be available in TOTALITY where Capital Goods have been used for effecting TAXABLE supplies and business activity (not personal activities) without any restrictions. Hence there is no question of 50% ITC.
04 November 2017
You can take full ITC of IGST in the same month itself when the capital goods purchased.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Regarding IMS Mandatory from 1st July 2026
- Interest on SCSS
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
