GST Input tax on Capital goods

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Accountant
305 Points Posted on 29 August 2021

Hi Experts

We have taken input GST on Capital goods to match with GSTR 2A/2B  , now can we take the deprication on the same assets ?

Waiting for your early response

Thanks

Gupta

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On 29 August 2021 at 11:21 Report
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Quick Summary
This discussion clarifies the rules around claiming GST input tax credit (ITC) on capital goods. Experts explain that you can claim ITC on capital goods, but depreciation must then be calculated on the asset's value excluding the GST amount. You cannot claim full depreciation and full ITC; a choice must be made regarding which benefit to prioritise.

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GST Consultant
15986 Points Posted on 29 August 2021
Depreciation has to be taken on those assets on value excluding value of itc.
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On 29 August 2021 at 11:28
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PRACTICE
164 Points Posted on 29 August 2021
Either u can take itc or depreciation..once u claim itc then depreciation to be allowed only on the value excluding gst
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On 29 August 2021 at 11:33
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Accountant
305 Points Posted on 29 August 2021

Thank you Mr. Altamush Zafar jee and Amit jee .I understood

Regards

Gupta

1 Reply
On 29 August 2021 at 11:38

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