Fixed asset purchase bill gst treatment

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Accounts Manager
81 Points Posted on 21 February 2018

If we purchased an Asset worth Rs.25000/- for our office ( say Computer and accessories) they charged GST of Rs.4500/- in the bill.

Clarification:-

1. Shall we take input tax credit of this GST paid

2. After taking credit shall we able to claim Depreciaton on this Asset. ? in which amount ? ( including of GST or excluding of GST)

 

 

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On 21 February 2018 at 11:23 Report
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168 Points Posted on 21 February 2018
You can claim input tax credit on any asset to be used in business with certain restrictions
Since, Computer does not fall under those restriction, you can claim credit provided your company name is mentioned in the invoice along with your GST number

Further, you can claim depreciation on amount excluding GST (25k - 4.5k)
1 Reply
On 21 February 2018 at 12:17
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Accounts Manager
81 Points Posted on 23 February 2018

Thanks for your information and guidance..

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On 23 February 2018 at 10:57

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