Input on capital goods

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CA Lalit (Querist)

11 October 2017 Having a vehicle which is being used in the business & capitalised, can GST on it can be claimed as input & claim refunded? & if yes how it will be refunded like in one amount or in parts?

Thank you

CA ANILKUMAR B.COM FCA DISA

CA ANILKUMAR B.COM FCA DISA (Expert)

11 October 2017 If the vehicle is used for transportation of goods in the business , then only GST credit can be availed and can be availed fully.

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Udaya Chandran

Udaya Chandran (Expert)

12 October 2017 Input available only if that vehicle is supplied further, used for transportation of passengers or used for providing driving training and transportation of goods.

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CA Lalit

CA Lalit (Querist)

12 October 2017 yes it will be used in transportation of goods in the business, I read somewhere, this credit will be refunded in 60 months is this correct? or it will be refunded after completion of financial year?

RAJA P M

RAJA P M (Expert)

12 October 2017 Dear CA Lalit., You can avail 100% in single take under GST... But, Simple Condition The vehicle using "Furtherance of Business".....

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Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

31 October 2026 ITC on a goods carriage is credited in full to the electronic credit ledger in one go and used against output GST (it is not refunded in instalments); just do not claim income-tax depreciation on the GST portion, and if the vehicle is sold within 5 years pay the higher of tax on sale value or ITC less 5% per quarter.

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