HARD DISK BOUGHT FOR OFFICE COMPUTER

i purchased a Hard disk for 3500 @ 18%tax(630) and paid 300 for repairing of computer..

what amount should i claim for ITC and before that am i eligible to claim that ITC
we have a business of garments


please reply
Replies (2)
A registered person will be eligible to claim Input Tax Credit (ITC) on the fulfilment of the following conditions:

1. Possession of a tax invoice or debit note or document evidencing payment

2. Receipt of goods and/or services

3. Goods delivered by supplier to other person on the direction of a registered person against a document of transfer of title of goods

4. Furnishing of a return

5. Where goods are received in lots or installments ITC will be allowed to be availed when the last lot or installment is received

6. Failure of the supplier towards supply of goods and/or services within 180 days from the date of invoice, ITC already claimed by recipient will be added to output tax liability and interest to paid on such tax involved. On payment to supplier, ITC will be again allowed to be claimed

7. No ITC will be allowed if depreciation has been claimed on tax component of a capital good

Based on the above provision

it is presumed that ur a registered person and invoice is in the name of Enterprise

u can claim ITC of RS 630

Amount to be capitalized 3500(excluding gst)

300 charged as expenses to PL
okay sir thanks..

and what if i buy a cellphone and get Firm Name on the bill as the buyer..so am i eligible to claim the available ITC ??

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