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GST ITC on Fixed Assets

Rana Ghosh (Tax Consultant) (63 Points)

13 March 2018

Dear Sir/Madam,

Yesterday we have bought a new Air Conditioner for office use.

Can we avail the ITC benifit for the amount which was already paid at the time of purchases.

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12 Replies

abhilash (student) (411 Points)
Replied 13 March 2018

YES YOU CAN CLAIM ITC ON YOUR PURCHASE PROVIDED IF YOU HAVE NOT CLAIMED DEPRECIATION ON TAX COMPONENT OF AIR CONDITIONER

1 Like

RAJA P M ("Do the Right Thing...!!!") (127167 Points)
Replied 13 March 2018

Yes...
You can claim ITC for the purchase of Air Conditioner....

VINEETH.R (FINANCIAL ACCOUNTANT) (458 Points)
Replied 13 March 2018

Yes you can take...

Mukesh Kumar (Accounts Manager) (1466 Points)
Replied 13 March 2018

NO ITC AVAIL : IF

1. GOOD UES FOR PERSONAL ,

2 GOODS USES FOR EXEMPT GOODS PRODUCTION

3. CLAIM DEPT OF GOODS

YES ITC AVAIL :

ABOVE VICE VERSA

umamaheshwaran (articled clerk) (52 Points)
Replied 13 March 2018

if the same asset sold within lifeterm how to effect in GST since its we utilised GST INput

umamaheshwaran (articled clerk) (52 Points)
Replied 14 March 2018

if one assessee claimed input on capital goods , but within financial year it get sold , then what about the input we claimed and is there any reverse methods

Vignesh (Finance executive) (256 Points)
Replied 28 April 2018

Originally posted by : RAJA P M
	Yes... You can claim ITC for the purchase of Air Conditioner....

Raja Sir whether full credit can claim in next month itself or how many instalment it have to claim?

Rahul Prajapati (Student) (2282 Points)
Replied 28 April 2018

You can take full ITC in next month GSTR-3B

1 Like

RAJA P M ("Do the Right Thing...!!!") (127167 Points)
Replied 28 April 2018

You can claim the ITC Fully in the Same month of Purchase... In case You missed then You can claim next month...

1 Like

umamaheshwaran (articled clerk) (52 Points)
Replied 28 April 2018

but if the asset which you utilised the input credit will be reversed if it get sold within 5 years from date of purchase .i.e 5 percent per quarter to be reversed .if anything doubt on this please reply me

1 Like

Vignesh (Finance executive) (256 Points)
Replied 28 April 2018

thank You for your replies

RAJA P M ("Do the Right Thing...!!!") (127167 Points)
Replied 28 April 2018

Originally posted by : umamaheshwaran
	but if the asset which you utilised the input credit will be reversed if it get sold within 5 years from date of purchase .i.e 5 percent per quarter to be reversed .if anything doubt on this please reply me

Nothing...

If he want sell his goods then He can with GST...