If a partnership firm registered under GST Act, buys a laptop for business use can we claim input tax credit of GST and also can we claim depreciation on it ??
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Claim of input tax credit on buying a laptop
Replies (22)
If you are claiming ITC under GST then you are not eligible for IT depreciation to the extent of GST.
If We claim Itc, then cost of laptop should be shown in which account head .. under p and L or anyother account head.
Should i claim depreciation on basic amount ??
i.e
Basic value is 30000 +18% gst
So i can claim itc of 18% gst...
And can claim depreciation on 30000/-
Am i right ?
Should i claim depreciation on basic amount ??
i.e
Basic value is 30000 +18% gst
So i can claim itc of 18% gst...
And can claim depreciation on 30000/-
Am i right ?
@ NAGESWARAN & Praveen...
You can get ITC for the GST tax portion...
You can get Depreciation as Items rate...
Are under stand...?!
You can get ITC for the GST tax portion...
You can get Depreciation as Items rate...
Are under stand...?!
Got it... Thanks for the reply. :)
In previous Tax regime we can get ITC for Capital Goods as Machinery. But, we can't claim Input Credit for other Assets like Electronic, Electrical and Furniture, etc.... But, Depreciation allowed full values.
Now, GST we can claim ITC on Tax portion and Claim depreciation in Items rate....
Now, GST we can claim ITC on Tax portion and Claim depreciation in Items rate....
Yes. You are Most welcome. If you are satisfied my reply then give your points as likes and Follows the query in CCI portal....
GOOD LUCK....
GOOD LUCK....
I have raised some doubts for debit note... If possible.... Check that post too...
You ll give the link here. I ll try to understand the query and I ll reply if it's my smallest knowledge.....
Post link ---) /forum/details.asp?mod_id=423435&offset=1
Thank u Mr Raja PM for your explanations
@ Praveen.,
(Your posted link)
1. Yes. You can accept the debit note. But, You can show it in GSTR 1.
2. Advisable to, You can't give debit note. Just you can receive Credit Note...
(Your posted link)
1. Yes. You can accept the debit note. But, You can show it in GSTR 1.
2. Advisable to, You can't give debit note. Just you can receive Credit Note...
You are Most Welcome Mr NAGESWARAN....
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