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.
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