Hi all,
Recently bought some capital goods & got IGST of around 20,000 which would be my ITC
As per rule we have to claim it over 60 months so monthly value comes around 333
My current month tax liability is around 25000 and when i try to offset by limiting ITC to 333, system pops up as use 20,000 fully and go for offset with cash.
How should offset tax when using capital goods ITC
In GST you can claim ITC of capital goods in one go and utilise it fully also if need be. No need to take or use proportional ITC
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