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Gst input credit

Trikam Panchal (28 Points)

17 June 2018

can we get input tax credit on A C purchase in pvt Ltd CO.

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4 Replies

Jatin (Accountant) (3479 Points)
Replied 17 June 2018

Yes, you can avail ITC

CA S Praveen Kumar Reddy (Chartered Accountant) (2195 Points)
Replied 17 June 2018

Yes u can

Trikam Panchal (28 Points)
Replied 17 June 2018

Thanks

Vinod Babu (24191 Points)
Replied 17 June 2018

when you are purchasing any Capital Goods* (Air Conditioner) for your Business**, you will pay the applicable GST rate. This GST paid can be claimed as credit in the same way as Inputs
.
However, if you claim depreciation on the GST paid while purchasing the capital asset, you cannot claim input tax credit.

So that we can say that, if you claim Depreciation (on Cost+GST) under the provisions of the Income-tax Act, 1961 then on such Air Condition purchased, then you can not get the Input Tax Credit.