Input tax credit

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254 Points Posted on 13 August 2020
If we take input on purchase of laptop..and claimed in gst portal...
then can we claim depreciation for basic amount of laptop....purchased
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On 13 August 2020 at 21:51 Report
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Quick Summary
When purchasing a laptop for your business, you can claim Input Tax Credit (ITC) on the value of the laptop before GST is applied. This means you capitalise the taxable amount excluding the GST portion in your books. Consequently, depreciation can only be claimed on this capitalised base amount over the asset's useful life.

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110 Points Posted on 13 August 2020
Yes excluding gst amount
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On 13 August 2020 at 22:00
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Tax and Business Consultant
11616 Points Posted on 13 August 2020
Yes, you can take depreciation on basic amount excluding GST, which is capitalised in your books of account.
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On 13 August 2020 at 22:36
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GST Practitioner
55067 Points Posted on 13 August 2020
Yes in term of Section 16(3) you can claim ITC on value before GST .
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On 13 August 2020 at 23:12
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44 Points Posted on 15 August 2020
You have to capitalise only taxable amount excluding gst portion so you can claim depreciation only on taxable value over the life of asset
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On 15 August 2020 at 14:40

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