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
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Can we claim ITC on capital goods
Replies (12)
Yes you can take credit on everything except items given in negative list. e.g. food items etc.
Yes, You can take credit
thanks sir, can you share link for negative list and it means all capital goods are applicable for itc in GST regime
Yes you can claim
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/
Yes,you can claim INPUT if they are used for business purposes
Is the input on capital goods used for taxable supply be claimed immediately or should be taken by spreading over 60 months
Yes, Now, You can claim ITC on capital goods.
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
Earlier law itc on capital good 50:50for two year
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
can we claim credit on cement which is used for machinerey foundation
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
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