hello sir,
can we take and utilise credit of capital goods instantly or to be apportioned into 60 months.
no doubt that both concept are in force but for which type of transaction we can segregate above said concept.
thank you
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capital goods credit utilisation
Replies (3)
You can claim full credit at one go.
As per 43 CGST : If the Capital Goods Used In supply of both exempted supply & taxable supply , the ITC is to reversed in proportion to Exempted supply
As per 43 CGST : If the Capital Goods Used In supply of both exempted supply & taxable supply , the ITC is to reversed in proportion to Exempted supply
If you use it only for making taxable or zero rated supply, no need to apportion. Entire credit can be utilised instantly. However, if you are using it for making taxable and exempted supply, then, you have to first apportion taking useful life as 60 months and then reverse one month portion of that credit in proportion to exempted turnover.
you can take full credit now
if you are using for both excempted and taxable supply then you nees to reverse Month by month.
if you are using for both excempted and taxable supply then you nees to reverse Month by month.
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