Input tax credit

This discussion clarifies whether Input Tax Credit (ITC) can be claimed on the purchase of an air conditioner for office use under GST. The consensus is that ITC is claimable if the AC is for business purposes and the invoice is in the business's name. However, it's important to note the implications for claiming depreciation; you can claim ITC or depreciation, but not both on the same value. If you claim ITC, depreciation can be claimed on the basic value of the AC, excluding the input tax credit amount.