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Can GST be claimed on capital goods?

18 December 2023

My GST is taken on work contract, transport service and trading. I bought a scorpio on november 23rd. His GST input is visible on the portal, will his ITC claim be taken?

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 18 December 2023

As per my view,

This ITC can't be claim. It's ineligible ITC.

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PRABHAKAR LAL (187 Points)
Replied 18 December 2023

In which column to reverse GST inputs

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 18 December 2023

It's Better to consult with Your Auditor.

Please go through the following link. You can get some clarity about the ITC reversal...

https://cleartax.in/s/itc-reversal-gst

sabyasachi mukherjee (27781 Points)
Replied 19 December 2023

Gst can be claimed on capital goods depending on whether it is used for the the furtherance of business.

AJIT JAISWAL & ASSOCIATES (TAX CONSULTANT) (166 Points)
Replied 22 December 2023

As per my opinion, if you have purchase vehicle for transport business then you taken ITC because of used for furtherance of business.. but it is used for personal purpose then you can't taken ITC. you have to booked in your aseest and get depreciation as well..