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GST v DEPRECIATION

Shashi (B.Com) (26 Points)

15 May 2021

When purchasing any Fix Asset & entered GST input, can claim for depreciation also.

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8 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 15 May 2021

No input cannot be claimed on depreciation

1 Like

CA GOURAV MITTAL (Practicing Chartered Accountant) (76 Points)
Replied 15 May 2021

Depreciation can be claimed on base value of fixed asset and cannot be claimed on GST portion as ITC is availed for GST..

3 Like

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 15 May 2021

GST is only for purchases and sales

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 16 May 2021

Agreed

Ajay Kumar (Account Supervisor) (129 Points)
Replied 04 June 2021

You can claim depreciation on the value of fixed asset reflecting jn your books.
now it depends on you for which amount you have created asset it is including gst or without gst.

1 Like

Simran Saroha (Rajan Modi & Associates Chartered Accountant) (13 Points)
Replied 08 June 2021

You can read the blog to uunderstand GST Registration:
https://rajanmodi.com/2018/04/03/complete-guide-gst-registration/

1 Like

Susmita Dutta, CA , CPA (CA ) (2141 Points)
Replied 09 June 2021

If you claim depreciation on GST paid while purchasing the fixed asset then you cannot claim ITC on the same and vice versa

Akshay Poriya ((artical assistant)) (313 Points)
Replied 11 June 2021

as per gst act, you can not claim both benefit either you claim the depreciation on including gst amount of fixed asset or claiming gst credit on such fixed asset and claim depreciation on ex gst amount .