Hello Everyone
I am an accountant and have a query here.
My Client has a warehouse and he has recently purchased LED lights to replace the old Lights.
Can he avail the ITC for the amount of GST paid and also the depreciation on the NET value.
Thanks in Advance
Sushil
Happy New year and thanks for your responses
what i have understood is
If Taxable Value is 10000 + GST @ 12% (as is the case of LED lights) total purchase value = Rs.11200/-
From This Rs.10,000 is debited to Asset, Rs.1200/- can be claimed as ITC
and depreciation is calculated on Rs.10,000/-
Please correct me if I am Wrong
Thanks in Advance
Sushil
Yes can be done
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