Itc on fixed assets
This query is : Resolved
Dipika Shah
(Expert)
16 April 2019
Yes ITC can be claimed on fixed assets. If ITC is claimed for GST portion of fixed assets then only cost of FA will go to depreciation schedule. Depreciation cannot be claimed on GST portion for which ITC is claimed. Please note that only for motor vehicles used by taxpayers that are not in business of hiring and plying, ITC cannot be claimed on such motor vehicles.
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