Itc claim on capital goods
This query is : Resolved
Ashish Tiwari
(Querist)
23 January 2019
Sir,
I am government contractor and I Purchase JCB and RMC Mixer Machine for Concrete. how i can claim full ITC in one time in or In 5 years (60 Month).
kindly clear my doubt
Thanks & Regards.
From
Ashish Tiwari
I am government contractor and I Purchase JCB and RMC Mixer Machine for Concrete. how i can claim full ITC in one time in or In 5 years (60 Month).
kindly clear my doubt
Thanks & Regards.
From
Ashish Tiwari
Rajesh Kumar
(Expert)
23 January 2019
You shall claim full ITC of the GST paid immediately. You shall not claim depreciation under Income Tax of the GST part of which you have taken ITC credit.
Nilesh Gami
(Expert)
23 January 2019
you shall be eligible to claim ITC fully else claim depreciation on tax component. ITC claimed needs to be reversed in case of sale of capital goods before five years on proportionate basis.
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