if a machinery is purchased on 1-6-2020 n gst has being applied on 2-7-2020 n regestration granted can itc on capitql goods be claimed on machinery purchased before registration if not what is remedy to take credit
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Quick Summary
This discussion addresses whether Input Tax Credit (ITC) can be claimed on machinery purchased before GST registration. Generally, ITC cannot be claimed on assets acquired prior to registration. However, if Form ITC-01 was filed within 30 days of applying for registration, detailing the purchase, then credit might be claimable. If this deadline was missed, claiming ITC on such machinery is typically not possible.
Incase if you have not filed Form ITC - 01 within 30 days after applying for registration declaring the details of purchase, you will not be eligible to claim Input Tax Credit for any assets you purchase. Thanks.