ITC ON AC PURCHASED FOR SHOP
This query is : Resolved
Quick Summary
satish kumar Chauhan
(Querist)
24 May 2020
Dear sir
I have purchased a AC for my shop ( Whole sale/ retail cloth merchant).
Can I take the credit of SGST and CGST paid for AC.
Thanks
I have purchased a AC for my shop ( Whole sale/ retail cloth merchant).
Can I take the credit of SGST and CGST paid for AC.
Thanks
CA R SEETHARAMAN
(Expert)
24 May 2020
Yes ITC can be taken over a period of 60 months being capital asset.
CA AMIT JAKHWAL
(Expert)
26 May 2020
Dear Querist,
Yes, you can avail the full ITC paid on purchase of capital asset in one go.
No need to claim the ITC in 60 installments.
Just ensure to deal in only taxable supplies, to avoid the reversal of ITC under GST provisions.
Regards,
AJ
Yes, you can avail the full ITC paid on purchase of capital asset in one go.
No need to claim the ITC in 60 installments.
Just ensure to deal in only taxable supplies, to avoid the reversal of ITC under GST provisions.
Regards,
AJ
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