Menu
Fixed assets
can we claim ITC and depriciation both on fixed assets.
Replies (3)
Quick Summary
Yes, you can claim..
You can claim ITC of GST Paid
and Depreciation on Fixed Assets on amount excluding GST which is capitalised to books of account, if not blocked u/s 17(5) of CGST Act, 2017.
E.g. Fixed Assets of Value 1,00,000 with GST 12% total 1,12,000 Purchased than..
In this case You can Claim 12,000 GST as ITC and remaining 1,00,000 to be capitalised as fixed assets in books of account and can claim depreciation on that 1,00,000 at prescribed rate.
You can claim ITC of GST Paid
and Depreciation on Fixed Assets on amount excluding GST which is capitalised to books of account, if not blocked u/s 17(5) of CGST Act, 2017.
E.g. Fixed Assets of Value 1,00,000 with GST 12% total 1,12,000 Purchased than..
In this case You can Claim 12,000 GST as ITC and remaining 1,00,000 to be capitalised as fixed assets in books of account and can claim depreciation on that 1,00,000 at prescribed rate.
Thanku
Welcome...............
Recent Topics :
- Outstanding Demand in Income Tax: How To Respond?
- LTCG on property sale
- Capital gains incidence due to bonus shares
- Amendment of Object Clause of Memorandum
- How Can I Request a Refund for an Accidental Airte
- TDS on salary paid in cash
- YEAR END GST ENTRY FOR RCM NOT PAID RS 5000 I.E OU
- Last Date To Fill ITR For Non-Audit Case
- Guidance Required on Filing Fresh Registration und
- IT Return Refund Status AY 2026-27
Related Topics :
CAclubindia
