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Input credit for goods


sudhakhar sekar   16 September 2019

sudhakhar sekar

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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

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Pankaj Rawat (GST Practitioner)     17 September 2019

Pankaj Rawat
GST Practitioner 
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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

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sudhakhar sekar   17 September 2019

sudhakhar sekar

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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

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Pankaj Rawat (GST Practitioner)     18 September 2019

Pankaj Rawat
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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.

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Pankaj Rawat (GST Practitioner)     18 September 2019

Pankaj Rawat
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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


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