Dear experts
We have purchased one asset cost Rs.49000.00 by CASH in the name of our office.
I think depreciation is not allowed bcoz purchased by cash more than 10000.
Can i take ITC. And how to treat the cost of the asset account.
Thanks
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DEPRECIATION and GST
Replies (2)
yes you cannot get the benefit of depreciation as you purchase it on cash... you can claim itc of gst on purchase made as there is no objection to claim itc on cash purchase in gst law...
depreciation will be not available but you can claim ITC of GST paid on purchase of machine
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