Input Tax Credit Claim on A.C
This query is : Resolved
07 April 2022
Client has purchased A.C on 29-03-2022 and he has opted Composition Scheme From 01-04-2022
Can he take benifit of ITC on A.C. ??
Can he take benifit of ITC on A.C. ??
07 April 2022
In view of composition scheme opted no ITC can be claimed.
07 April 2022
Yes, he could have taken the ITC in March 2022.
However, as mentioned the tax[ayer opted for a composition scheme in April 2022 so the accumulated ITC in the ledger would have lapsed.
It's better to take the depreciation benefit on the GST component of the AC.
However, as mentioned the tax[ayer opted for a composition scheme in April 2022 so the accumulated ITC in the ledger would have lapsed.
It's better to take the depreciation benefit on the GST component of the AC.
07 April 2022
Can I Claim And fully Utilised ITC For tax Payment ?
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