Dear Sir
one of my dealer purchases a capital goods like furniture and other items approximately 4 lacks so we will cliam Refund such amount or that ITC How to utilize the firm account
please clarify my doubts
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Capital goods purchase Items ITC we will cliam Refund
Replies (2)
Where the registered person has claimed on the tax components of the cost of capital goods and plant and machinery under the provision of IT Act 1961, the ITC on the said tax component shall not be allowed.
Yes the ITC on same can be availed, but refund cannot be claimed.
You can Utilise the ITC availed on said goods & can be set-off against your Outward Tax Liability.
You can Utilise the ITC availed on said goods & can be set-off against your Outward Tax Liability.
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