If I purchased a capital good on 20.06.2017 and it remains in transit till 20.07.2017.
means I received the capital good in GST regime.
Query- whether I will be able to take credit or no and why?
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input credit on capital goods
Replies (13)
Yes, Credit is admissible provided CG received in factory with eligible document.
in which section
Under Rule-4 of CCR.
Unfortunately this situation is not covered by section 140 cgst act (transition provision), i dont know whether intentionally or by mistake. Credits will not be available.
Credit will be taken in GST in terms of Section 16. Transitional provision will not be applicable.
I doubt it because invoice would contain excise duty and vat instead of GST
Invoice should be taken under GST, after implementation.
But if removal of goods is done before appointed date then credits will not be available. That was the essence of query.
I m also in doubt for this type of problem
Hi Devender,
A very apt question
Section 140 [5] only talks about availing credit of inputs and input services in transit because as per Section 140[1] there is no carry forward of credit pertaining to inputs and input services unless mentioned in the returns. However, Section 140[2] poses no such conditions for carry forward of credit pertaining to capital goods.
So in my view, input credit can be availed in case of capital goods in transit.
A very apt question
Section 140 [5] only talks about availing credit of inputs and input services in transit because as per Section 140[1] there is no carry forward of credit pertaining to inputs and input services unless mentioned in the returns. However, Section 140[2] poses no such conditions for carry forward of credit pertaining to capital goods.
So in my view, input credit can be availed in case of capital goods in transit.
duty will be available, as given under transitional provision 140
whether service provider can take excise credit on capital goods under transitional provision?
Where half credit has already been claimed then the other half can also be claimed by service provider
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