ITC ON CAPITAL ASSET
1. Can he claim the ITC of Rs 3,60,000 at the first month of the filing the GSTR 3B?
Outward GST : 40,000.00
Inward GST : 20,000.00
Net Payable : 20,000.00
Less : ITC on Cpiatl goods : 3,60,000.00
ITC c/f : 3,40,000.00
2. Can he capitalize the asset and claim depreciation on the same?
3. Is there any other restrction on the claiming the ITC on capital asset?
He can capitalize the asset but without GST. On the facts of your case - No, if you are complying the other conditions.