Input tax credit
This query is : Resolved
Rishi Jain
(Querist)
29 August 2018
How to claim Input Tax Credit on Capital Goods purchased before registration with GST?
CA Anita Bhadra
(Expert)
29 August 2018
Input Tax Credit on Capital Goods purchased before GST Registration were to avail by filing Tran -1 which is closed now .
Rishi Jain
(Querist)
29 August 2018
The business started its operations on the 1st of August, 2018 and purchased the capital goods on the 5th of August, 2018. The business got itself registered under GST on the 20th of August, 2018. How to claim Input Tax Credit on such Capital Goods?
CA PRAVEEN
(Expert)
29 August 2018
YES AGREE WITH ABOVE
BEFORE REGISTRATION YOU CAN NOT TAKE ITC ON TAX PAID.
BEFORE REGISTRATION YOU CAN NOT TAKE ITC ON TAX PAID.
CA Anita Bhadra
(Expert)
30 August 2018
You can claim ITC on capital Good in the above case .
You need to enter details of invoice within 30 days of registration .Further , you need to make to a declaration electronically , on the common portal in Form GST ITC -01 that you are eligible to avail credit .
Statutory Provision :-
The input tax credit on capital goods, in terms of clauses (c) and (d) of sub-section (1) of section 18, shall be claimed after reducing the tax paid on such capital goods by five percentage points per quarter of a year or part thereof from the date of the invoice or such other documents on which the capital goods were received by the taxable person.
You need to enter details of invoice within 30 days of registration .Further , you need to make to a declaration electronically , on the common portal in Form GST ITC -01 that you are eligible to avail credit .
Statutory Provision :-
The input tax credit on capital goods, in terms of clauses (c) and (d) of sub-section (1) of section 18, shall be claimed after reducing the tax paid on such capital goods by five percentage points per quarter of a year or part thereof from the date of the invoice or such other documents on which the capital goods were received by the taxable person.
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