Fixed asset tax



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

 
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it doesn't matter whether you take ITC or not ...Fixed asset is classified based on it's nature.
 
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somebody's told if gst credit taken... it will be treated as expenditure... not an asset? little bit confusion sir
 
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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..
 
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ACCOUNTS PROFESSIONAL

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

Total likes : 2 times

 
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Well explained Pankaj sir....
Good 👍

Total likes : 1 times

 
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thank you rahul and pankaj sir
 
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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

 
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