Can we claim ITC on capital goods

ITC / Input 3571 views 12 replies

saurabh jain

manager

174 Points Joined November 2011

Kindly confirm along with section under which can we claim ITC on capital goods purchase for our factory like as.
1. CCTV cameras along with DVR.
2. LABOUR ATTENDENCE BIOMETRIC MACHINE

Replies (12)

CA. Dashrath Maheshwari

TaXpert

15113 Points Joined September 2007

Yes you can take credit on everything except items given in negative list. e.g. food items etc.

Purnima Sharma

14 Points Joined October 2017

Yes, You can take credit

saurabh jain

manager

174 Points Joined November 2011

thanks sir, can you share link for negative list and it means all capital goods are applicable for itc in GST regime

Ramanuj

Accountant.

834 Points Joined May 2008

Yes you can claim

Avinash Jeevan Dsouza

Accounts Officer & In charge

3303 Points Joined August 2014

INPUT TAX CREDIT OF MOTOR VEHICLES

NATURE OF BUSINESS	NATURE OF VEHICLE	ITC CLAIM
Dealer of Motor Vehicle	Any Vehicle	Full ITC can be claimed
Passenger Transportation	Vehicle used for Passenger Transportation Any Other vehicle	Full ITC can be claimed ITC cannot be claimed
Training relating to driving of such vehicle	Vehicle used for training Any other Vehicle	Full ITC can be claimed ITC cannot be claimed
Any other business	Vehicle used for transportation of goods Any other vehicle	Full ITC can be claimed ITC cannot be claimed

INPUT TAX CREDIT ON OTHER ITMES

NATURE	ITC CLAIM	EXCEPTIONS
Food & Beverages	ITC cannot be claimed	If engaged in similar line of business, then Full ITC can be claimed on these items
Outdoor catering	ITC cannot be claimed
Beauty treatment services	ITC cannot be claimed
Health services	ITC cannot be claimed
Cosmetic and plastic surgery	ITC cannot be claimed
Rent a cab service	ITC cannot be claimed	If engaged in similar line of business or there is mandatory requirement from government to provide such services by employer to employee then full ITC can be claimed on these items
Life Insurance service	ITC cannot be claimed
Health Insurance service	ITC cannot be claimed
Membership of a club, health & fitness Centre	ITC cannot be claimed	No exception
LTA benefit extended to employees	ITC cannot be claimed	No exception
Construction Contract Services for construction of immovable property	ITC cannot be claimed	If engaged in similar line of business, then Full ITC can be claimed on these items
ITC on goods and services used for self-construction of building cost of which is capitalized in books	ITC Cannot be claimed	No exception

Copied from: https://www.karnanica.com/2017/07/12/negative-list-of-input-tax-credit-in-gst/

B Vinay Reddy

Hyderabad

7842 Points Joined October 2014

Yes,you can claim INPUT if they are used for business purposes

M R Ravi

59 Points Joined July 2017

Is the input on capital goods used for taxable supply be claimed immediately or should be taken by spreading over 60 months

Avinash Kumar

CA-Final Students

192 Points Joined October 2013

Yes, Now, You can claim ITC on capital goods.

VIKAS SAINI

1167 Points Joined April 2017

Can we take the input on capital goods completly itc or partial. Even machine is fully business use and also keep in original invoice

Earlier law itc on capital good 50:50for two year

javed

Accountant

22 Points Joined September 2013

sir our client business is tours & travels, he purchase tourist vehicle for business so he can take the ITC input on capital goods completly in one month or 60 month division of GST

Babajan

Accountant

69 Points Joined August 2017

can we claim credit on cement which is used for machinerey foundation

dattaraj

article

22 Points Joined December 2017

Sir,

If we can claim all capital goods credit in gst regime the, can we claim Input tax credit on Car where it is capital asset and purchased for business purpoes. here assesse is not in business of transport or travelling. he is in business of trading and services.

Thanks