I am propriter of one construction company , i want purchase one crane cost of aproximatelly 1 crores including Gst. My company also registerd under Gst. The crane purchase GST infut is avialabel or not.
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Crane purchase
Replies (17)
yes available 100% if you used in your business
Yes can avail Input .........
ITC can be availed
This crane registered in RTO. Infut is avialebel.
yes you can take input.
IN CASE OF A CIVIL CONTRACTOR, TRACTOR WAS PURCHASED TO BE USED IN HIS BUSINESS. ANY RESTRICTION ON INPUT OF GST PAID ON THE TRACTOR OR A JCB LIKE VEHICLES?
As per FAQ on Mining Sector available on CBIC Website, quoting Answer to FAQ No. 21 for your kind reference :
"The provision of Sec. 17(5) (a) of the CGST Act, 2017 restricts credit on motor vehicle for specified purposes listed therein. Further, in terms of the provision of Section 2(76) of the CGST Act, 2017 the expression ‘motor vehicle’ shall have the same meaning as assigned to it in Clause (28) of Section 2 of the Motor Vehicle Act, 1988, which does not include the mining equipment, viz., tippers, dumpers. Thus, as per present provisions, the GST charged on purchase of earth moving machinery including tippers, dumpers used for transportation of goods by a mining company will be allowed as input credit."
Link to above FAQ is given hereunder :
Hence in your case, Input Credit on Crane should be available.
Motor vehicles used in the transportation of inputs would be eligible and not barred under sec 17(5). You are eligible. Pl ensure that you do not claim depreciation in IT for ITC portion.
I am GST payer i purchased one Crane cost of 8000000.00. I have taken the GST Input , in Income Tax we are eligible for take deprecation or not please guide me sir.
I am GST payer i purchased one Crane cost of 8000000.00. I have taken the GST Input , in Income Tax we are eligible for take deprecation or not please guide me sir.
I am GST payer i purchased one Crane cost of 8000000.00. I have taken the GST Input , in Income Tax we are eligible for take deprecation or not please guide me sir.
I am GST payer i purchased one Crane cost of 8000000.00. I have taken the GST Input , in Income Tax we are eligible for take deprecation or not please guide me sir.
You can take depreciation on taxable value not on tax value.. because tax you are taking input
Dear Srikanth,
In addition to above responses, please ensure that applicability of Rule 42/43 wherein, if it is utilised to construct and sell ready to move in apartments (after OC/CC) which is an immovable property, GST is not applicable, and related CG, Input credits would be ineligible.
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