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Assets treatment

04 March 2018

hello, EVERYONE, I WANT TO PURCHASE A LAPTOP FOR BUSINESS. PLEASE PROVIDE ME PROPER DETAILS REGARDING ITS TREATMENT UNDER GST REGARDING ITC AND ALSO PROVIDE DETAILS REGARDING ITS DEPRICIATION.

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6 Replies

Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 04 March 2018

u can claim ITC, & depreciation can also be available on value before GST

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 04 March 2018

You can claim ITC for the purchase of Laptop if use furtherance of Business...

You can claim GST Tax as ITC....

You can claim Depreciation only the basic value of You are claim ITC...

If you can't claim ITC for the GST then you can claim depreciation on total Bill Value...

felix thomas (student) (159 Points)
Replied 04 March 2018

Input tax credit on the gst paid by you on purchase of laptop can be claimed as credit provided it is used for furtherance of business. If gst paid is taken as credit then depreciation as per income tax act can be claimed on on the gross value..ie. bill amount less gst paid. How ever if you don’t want to claim the gst paid on laptop you may capitalise the entire invoice value and claim depreciation for the entire value under the income tax act

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