goods imported from abroad and duty igst paid can claim full igst
if it converted into capital asset and can claim depreciation on such asset is right or wrong
Menu
Input credit for goods
Replies (4)
In term of Section 3 of custome Act ,. read ,with Section 7 of IGST .Act : Yes you can claim the IGST paid on Import .
If you converted into means , you cannot capitalised the IGST amount paid to capital Asset if input has been claim , yes on Accessible value Depreciation can be claim
If you converted into means , you cannot capitalised the IGST amount paid to capital Asset if input has been claim , yes on Accessible value Depreciation can be claim
Thanks for your comments
capitalised means
cinema projector imported for sales and rent
while sales only taken into place
projectors are current assets only
but they are given on rental basis for some deposit and monthly rent - these stock are converted into asset and can claim depreciation or not
capitalised means
cinema projector imported for sales and rent
while sales only taken into place
projectors are current assets only
but they are given on rental basis for some deposit and monthly rent - these stock are converted into asset and can claim depreciation or not
There is 2 kind supply you are doing
1. Selling Projector : Cannot be book as capital Asset , there is no question of Depreciation. (Input can claimed)
.2. Projector Given on
2.
1. Selling Projector : Cannot be book as capital Asset , there is no question of Depreciation. (Input can claimed)
.2. Projector Given on
2.
Continue...
2. Projector Given on Rent : In this case you can book projector as Capital Asset & claim depreciation & ITC as replied Above . You need to Raise Rental Bill.
Yes if such projector is being sold say after 2 year , then need to compute GST Liability as per Section 18 , read with Rule 40 of CGST Act
Recent Topics :
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
- Clarification on September 2026 PF Calculation for
- DRC-03 interest paid under CGST/SGST instead of IG
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
Related Topics :
CAclubindia
