Fixed asset

Under GST ITC on vehicles is not available to business but

ITC will be available when the vehicle is used for the following.

a) Supply of other vehicles or conveyances

b) Transportation of passengers

c) Imparting training on driving, flying, navigating such vehicle or conveyances

d) Transportation of goods

 

but last day at gst twitter handle account official they advice

in income tax if we show depriciation on value we can claim
but if we show depriciation on invoice value we cant claim

ex - asset rate is 100 tax 18. total 118
if we show depriciation on 100 rupee we can claim
but in 118 we cant claim

what it means ...confusion

Yes you will get input credit for any fixed asset purchased and used for business purpose.

Under GST ITC on vehicles is not available to business but

ITC will be available when the vehicle is used for the following.

a) Supply of other vehicles or conveyances

b) Transportation of passengers

c) Imparting training on driving, flying, navigating such vehicle or conveyances

d) Transportation of goods

if u fall under these n show it as fixed asset u cannot claim input...u can either claim depri or credit

ITC is not available in some cases as mentioned in section 17(5) of CGST Act, 2017, 

vehicle falls under section17 (5), with exceptions mentioned above.

Charge depreciation on cost of motorcycle or car excluding GST portion.

If you claim depreciation on GST portion of purchase value of fixed asset then you cannot claim input tax credit.

1. Please reffer Q no 19 onpage no 59 issued by ICAI

https://idtc-icai.s3.amazonaws.com/download/06_Input%20Tax%20Credit.pdf

 

2. Please reffer point no 5 on page 166

Point 6 on page 169

Drawing at page 170

https://idtc-icai.s3.amazonaws.com/download/06-Input%20tax%20credit.pdf

YOU CANT CLAIM BOTH DEPRI AND CREDIT ON GST AMOUNT.... IF U SHOW  118 UNDER ASSET NO INPUT

IF U SHOW 100 COST UNDER ASSET CLAIM CREDIT OF 18

so is it avaliable for motocycle ?

I HAVE MENTIONED THE CASES ABOVE....PLS SEE IF U FALL UNDER THEM OR NOT...