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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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
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