ITC on Capital Asset for Business & Personal use
This query is : Resolved
14 April 2022
Respected Expert
Please Guide
If a Laptop Rs. 70000 having GST 12600 is Capitalized in books of Proprietor Firm at Rs. 70000 and used for business purpose and also personal purpose. Can ITC be availed on the GST paid.
If Yes how much ITC will be available ? . (GST returns filed Monthly)
Please suggest any reading material to clarify this doubt.
Thanks in Advance
Please Guide
If a Laptop Rs. 70000 having GST 12600 is Capitalized in books of Proprietor Firm at Rs. 70000 and used for business purpose and also personal purpose. Can ITC be availed on the GST paid.
If Yes how much ITC will be available ? . (GST returns filed Monthly)
Please suggest any reading material to clarify this doubt.
Thanks in Advance
15 April 2022
If it is predominantly used and purchased for business then you may avail full ITC.
15 April 2022
You can account for the Laptop in the business books and claim only used for business use.
You can claim the entire ITC while filing your GSTR 3B
You can claim the entire ITC while filing your GSTR 3B
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