ITC ON PURCHASE OF CAPITAL GOODS
This query is : Resolved
18 March 2024
Respected Experts,
I have a confusion about ITC on CAPITAL GOODS. One of my client (newly registered under GST) purchased of New CNC machine. They make only taxable supplies & Services (like Job work) with chargeable 12% GST.
I will take that full ITC in the same month. But, Having confusion with this
In this scenario can we claim fully ITC of that purchased capital goods...?
or Here we calculate and take ITC proportionately...?
Please clarify my confusion with suitable details.
I have a confusion about ITC on CAPITAL GOODS. One of my client (newly registered under GST) purchased of New CNC machine. They make only taxable supplies & Services (like Job work) with chargeable 12% GST.
I will take that full ITC in the same month. But, Having confusion with this
In this scenario can we claim fully ITC of that purchased capital goods...?
or Here we calculate and take ITC proportionately...?
Please clarify my confusion with suitable details.
Message likes :
1 times
18 March 2024
Credit of tax paid on capital goods is permitted to be availed in one instalment.
Message likes :
1 times
18 March 2024
You are welcome..
.
.
18 March 2024
Sir,
I want a CMA data preparation tool through excel or any other mode.
If possible then please share...
Is ther any available...???
I want a CMA data preparation tool through excel or any other mode.
If possible then please share...
Is ther any available...???
19 March 2024
See the link for download .
https://www.caclubindia.com/share_files/download-cma-report-maker-in-excel-auto-calculates-cma-data-82231.asp
https://www.caclubindia.com/share_files/download-cma-report-maker-in-excel-auto-calculates-cma-data-82231.asp
19 March 2024
Thank You Sir, But, it's not working properly. I already try this.
19 March 2024
Other experts please reply thank you.
19 March 2024
Other experts please reply, thank you
16 August 2025
Don’t forget the time bar: ITC for capital goods must be claimed by the earlier of the due date for the September return of the following year or the annual return filing date. Also, if capital goods are used partly for exempt supplies, ITC must be reversed proportionately over 60 months. Finally, if the GST component is included in depreciation, the ITC on that portion is disallowed under GST law.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- LC charges in relation to Asset purchased should be Capitalised ?
- FORM 26A APPLICABILITY
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
