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Fixed asset tax

Sivabhaskaran.J (Student) (35 Points)

11 July 2018

if input credit taken for a fixed asset... it will be treated as fixed asset or not?

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7 Replies

rahul gandhi (article) (78 Points)
Replied 11 July 2018

it doesn't matter whether you take ITC or not ...Fixed asset is classified based on it's nature.

Sivabhaskaran.J (Student) (35 Points)
Replied 11 July 2018

somebody's told if gst credit taken... it will be treated as expenditure... not an asset? little bit confusion sir

Ankit Rikhi (567 Points)
Replied 11 July 2018

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..

Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 11 July 2018

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

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Vinod Babu (24191 Points)
Replied 11 July 2018

Well explained Pankaj sir....
Good 👍

1 Like

Sivabhaskaran.J (Student) (35 Points)
Replied 12 July 2018

thank you rahul and pankaj sir

jha rupa (acc ) (23 Points)
Replied 12 July 2018

Under Gst both option are taken i.e input or Capitalized but you have taken in input and assest sale within 5 years than input reverce of balancing year .

CA Ashutosh Kumar Mishra