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GST ITC Credit

ITC / Input 301 views 5 replies
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175 Points Posted on 28 August 2018
If I purchase Assets and charged depreciation can i take GST ITC credit or not?
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On 28 August 2018 at 21:45 Report
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"Do the Right Thing...!!!"
128152 Points Posted on 28 August 2018
Yes... Of its your business purpose and used in furtherance of business...
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On 28 August 2018 at 22:08
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175 Points Posted on 28 August 2018
a part from business but at business premises also I can take care or not?
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On 28 August 2018 at 22:18
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GST Practitioner
55067 Points Posted on 28 August 2018
If you have claim the depreciation on taxable value , then yes you can take ITC on same
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On 28 August 2018 at 22:55
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student
32 Points Posted on 28 August 2018
If u have purchased assets and taken gst credit.. Then depreciation will be allowed only on asset value - gst =taxable value.. Inshort.. U can't charge depreciation on amount of gst credit taken
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On 28 August 2018 at 23:26
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Student
23693 Points Posted on 29 August 2018
Agree with Yogesh Sir...

If Depreciation is claimed on the Asset including the Tax component, then ITC cannot be claimed.

According to SECTION 16(4) of CGST ACT 2017, Either Depreciation can be claimed on tax component or ITC can be taken but not both.
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On 29 August 2018 at 00:07


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