ITC ON AC PURCHASED FOR SHOP

This query is : Resolved

satish kumar Chauhan (Querist)
Follow

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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

24 May 2020 Yes ITC can be taken over a period of 60 months being capital asset.

CA AMIT JAKHWAL

CA AMIT JAKHWAL (Expert)
Follow

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