If I buy a machine for producing taxable supplies costing 10 lacs for which gst payable is 1,80,000
Can i claim entire 1,80,000 in the same month or only a portion of credit ?
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Input tax credit on capital goods
Replies (5)
You are entitled full GST credit provided you have not claimed depreciation under section 32 of the Income Tax Act
Raksh*t
9810525780
advrcverma @ gmail.com
Yes...
You can claim ITC for the Entire Value in Single Taken. No more restriction...
You can claim ITC for the Entire Value in Single Taken. No more restriction...
Great! so this applies to all capital goods bought since JULY 2017?
Yes...
But, Some of the ITC is restricted as per sec 17(5) of CGST act...
Please go to refer the section...
But, Some of the ITC is restricted as per sec 17(5) of CGST act...
Please go to refer the section...
If,
1. Gst registration is regular type
2. bears the company name & Gstin
3. Gst bill is B2B
and if used in furtherance of business, then You can claim ITC for the Capital Goods...
ITC cannot be claimed for composition dealer.
1. Gst registration is regular type
2. bears the company name & Gstin
3. Gst bill is B2B
and if used in furtherance of business, then You can claim ITC for the Capital Goods...
ITC cannot be claimed for composition dealer.
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