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Input on assets purchase

Bhagwan Ojha (1 Points)

06 December 2020

can take input credit on purchase assets.

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6 Replies

Ankit Dave (Student CA Final ) (46 Points)
Replied 06 December 2020

Except its not covered u/s 17(5), you can

JATINDER KUMAR (Accountant) (3662 Points)
Replied 06 December 2020

Yes, you can claim ITC on Assets if use in business

Which type of assets purchased by you?

Vijayprakash P (1313 Points)
Replied 06 December 2020

Input covered under section 2(59), any goods other than capital goods used or intended to be used by the supplier in the course or furtherance of business.

Shivam RC (Student) (23683 Points)
Replied 06 December 2020

As per the Provision of Section 16(1) of the CGST Act 2017, Input Tax Credit ( ITC ) on Inputs, Input Services and Capital Goods used in the course of or furtherance of business can be claimed in your e-Credit ledger provided all the FOUR Conditions as laid down U/s 16(2) of the CGST Act 2017 for claiming ITC has been satisfied.

Also check the Blocked Credit Provision U/s 17(5) of the CGST Act 2017 to check whether your Asset is Blocked or not...