Purchase of Modified Truck

This query is : Resolved 

25 May 2023 Dear Sirs : One of my client manufacturing (RCM) Redymade Concrete Mixture for supply to constructions sites. He wishes to buy Transit Mixture ( modified ten wheel barrel truck) . My query is "can he claim INPUT CREDIT OF GST in his returns for purchase of these capital Goods" ... Regards

25 May 2023 Yes ITC can be claimed on these capital goods used for the business.

07 June 2023 Thanks for your kind reply BUT can he charge DEPRECIATION as well and at what should be rate of depreciation... Regards ... Pardeep Kapil

07 June 2023 Depreciation can be charged.
As ITC claimed on GST, GST paid can't capitalised and depreciation claimed on it.

12 June 2023 Dear Sir : What I understand that depreciation can be claimed only on taxable value say Rs.10,00,000 but depreciation cannot be claimed on GST of RS.1,80,000.00 . Regards

12 June 2023 Yes, you are right.
As ITC claimed on GST.

12 June 2023 Thanks and kind regards - Pardeep Kapil

12 June 2023 You are welcome...

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