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Input tax credit on capital goods

amol bramhankar (artical tranee) (260 Points)

21 November 2017

on capital goods credit allowed in all in first yesr

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12 Replies

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 21 November 2017

No....
It's claim 60months...

please refer this article...

https://cleartax.in/s/itc-rules-capital-goods-gst

1 Like

VIKAS SAINI (1157 Points)
Replied 21 November 2017

Sir machine is fully use for manufacturing process. Then itc available fully or partial. Or divide the 5year

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 21 November 2017

You are sale only taxable goods then you can claim full ITC/60 months....

amol bramhankar (artical tranee) (260 Points)
Replied 21 November 2017

I have sale only taxable good means I have allowed full ITC in first year

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 21 November 2017

No... .....

amol bramhankar (artical tranee) (260 Points)
Replied 21 November 2017

how will it take

S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 21 November 2017

Dear RAJA P M Sir.,

It's applicable to Fixed Assets or Capital Goods...?

Any differents for Fixed Assets and Capital Goods...?

CA_Suhani (Chartered Accountant- GST Consultant- Internal Auditor) (169 Points)
Replied 21 November 2017

100% ITC on Capital goods can be availed and utilised in the year of purchase itself. No restriction like earlier acts.

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RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 21 November 2017

Please explain Dear CA_Suhani...

If capital goods under GST can avail the ITC in same year...??
Any notification or section...?
give the details

(Guest)

We can avail ITC, but make sure depreciation is not claimed on tax part of total invoice value of capital goods, if you want ITC.

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 21 November 2017

Dear Mr Nachiket Bhat.,

We can avail ITC benefits and Depreciation allowed in basic Prize for Fixed Asset...
Also the same is applicable to Capital Goods. But, GST ITC benefits claim 60months. We can't get immediate purchased Year...

The 100 percent ITC availability for Fixed assets and same month of purchase...

1 Like

S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 22 November 2017

Originally posted by : S ELAVARASI
	Dear RAJA P M Sir., It's applicable to Fixed Assets or Capital Goods...? Any differents for Fixed Assets and Capital Goods...?