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gst on purchase of assets
can gst on purchase of assets be claimed as input tax credit and depreciation can also be claimed.
Replies (4)
GST on Assets purchased is available as Input Tax Credit provided the assets are used for manufacture and provision of output taxable goods and services
100% credit is available in the year of put to use, depreciation on GST component is not available if input tax credit is claimed
| Originally posted by : HARSHAD S SHINDE | ||
 |
100% credit is available in the year of put to use, depreciation on GST component is not available if input tax credit is claimed |  |
Agreed. either take credit or depreciation. Mutually exclusive.
If a person claim credit of ITC and didn't make depreciation then the person has to pay income tax on that amount..
Because if depreciation not claim then profit will be increase..
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