ITC Reversal on Fixed Assets if depreciation charged on ITC
This query is : Resolved
Umashankara HB
(Querist)
21 November 2023
We have purchased fixed asset from another state and we want to charge depreciation on price including GST(ITC). Do we either claim ITC first and reverse the ITC or just left it unclaimed? Which in is correct procedure?
21 November 2023
Better you dont claim ITC while Filing GSTR 3B or show directly under Ineligible ITC. Because claiming and reversing ITC may invite a Show Cause Notice from Department
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