Itc & depreciation on capital goods

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Suraj Mishra (Querist)
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31 December 2017 We have purchased a capital good to be used for effecting Taxable supplies. Suppose Its value is 10000/- and GST @18% (Rs 1800) paid, Total Invoice Value is Rs 11800/-. Now can we claim ITC of Rs 1800/-. What will be treatment of Depreciation. Whether Depreciation & ITC both can be availed. Requesting to clarify with figures.

CA Suresh Jain

CA Suresh Jain (Expert)
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31 December 2017 You can avail ITC Rs. 1800.00. The cost of acquisition shall be reduced to the extent of ITC availed and depreciation shall be calculated on net value of asset

CA Suresh Jain

CA Suresh Jain (Expert)
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31 December 2017 You can avail ITC Rs. 1800.00. The cost of acquisition shall be reduced to the extent of ITC availed and depreciation shall be calculated on net value of asset

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