if input credit taken for a fixed asset... it will be treated as fixed asset or not?
it doesn't matter whether you take ITC or not ...Fixed asset is classified based on it's nature.
somebody's told if gst credit taken... it will be treated as expenditure... not an asset? little bit confusion sir
As your choice what u want to claim itc ya fixed asset if u choose itc claim then u dont want to take credit of fixed asset..
Dear Sivabhaskarn
If ITC is claim as Input on fixed Asset then you can charge or claim depreciation only on taxable value (value before GST). & if depreciation is claim on full/gross value (including GST) , you cannot claim ITC for the same
If ITC is claim as Input on fixed Asset then you can charge or claim depreciation only on taxable value (value before GST). & if depreciation is claim on full/gross value (including GST) , you cannot claim ITC for the same
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