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Claim of input tax credit on buying a laptop

Praveen Jain (Accounts Manager) (123 Points)

11 September 2017

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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22 Replies

CA Shashikumar PN (Consultant - Taxation) (264 Points)
Replied 11 September 2017

If you are claiming ITC under GST then you are not eligible for IT depreciation to the extent of GST.

NAGESWARAN (ACCOUNTANT) (834 Points)
Replied 11 September 2017

If We claim Itc, then cost of laptop should be shown in which account head .. under p and L or anyother account head.

Praveen Jain (Accounts Manager) (123 Points)
Replied 11 September 2017

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 ?

Praveen Jain (Accounts Manager) (123 Points)
Replied 11 September 2017

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 ?

1 Like

RAJA P M ("Do the Right Thing...!!!") (127542 Points)
Replied 11 September 2017

@ NAGESWARAN & Praveen...
You can get ITC for the GST tax portion...
You can get Depreciation as Items rate...
Are under stand...?!

Praveen Jain (Accounts Manager) (123 Points)
Replied 11 September 2017

Got it... Thanks for the reply. :)

RAJA P M ("Do the Right Thing...!!!") (127542 Points)
Replied 11 September 2017

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....

1 Like

RAJA P M ("Do the Right Thing...!!!") (127542 Points)
Replied 11 September 2017

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....

2 Like

Praveen Jain (Accounts Manager) (123 Points)
Replied 11 September 2017

I have raised some doubts for debit note... If possible.... Check that post too...

RAJA P M ("Do the Right Thing...!!!") (127542 Points)
Replied 11 September 2017

You ll give the link here. I ll try to understand the query and I ll reply if it's my smallest knowledge.....

Praveen Jain (Accounts Manager) (123 Points)
Replied 11 September 2017

Post link ---) /forum/details.asp?mod_id=423435&offset=1

NAGESWARAN (ACCOUNTANT) (834 Points)
Replied 11 September 2017

Thank u Mr Raja PM for your explanations

1 Like

RAJA P M ("Do the Right Thing...!!!") (127542 Points)
Replied 11 September 2017

@ 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...