Itc on office furniture in gst
This query is : Resolved
Rakesh Sharma
(Querist)
14 May 2018
Dear Experts,
Can we take ITC on Office Furniture & Fixture under CGST Act, 2017?
If yes, so in which head it should be capitalized either in Plant & Machinery or
in Furniture & Fixture.
I am so confused from Section 17(5).
Please advise.
Can we take ITC on Office Furniture & Fixture under CGST Act, 2017?
If yes, so in which head it should be capitalized either in Plant & Machinery or
in Furniture & Fixture.
I am so confused from Section 17(5).
Please advise.
14 May 2018
You can take ITC on office furniture. It is not under blocked credit. Once you take ITC, you cannot capitalise the same.
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Rakesh Sharma
(Querist)
14 May 2018
Sir, where we show the office furniture, in Balance sheet or in P & L?
CA Ankit R Momaya
(Expert)
14 May 2018
You can show the Office Furniture in the Balance Sheet. What Kalam meant was you cannot capitalise only the Input Tax Credit Portion.
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