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Input tax eligibility reg


NAGA (ACCOUNTANT)     15 November 2019

NAGA
ACCOUNTANT 
 8 likes  415 points

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Dear sir
We are GST traders of dry chilli sales. We are going to purchase water purifier cost of above 2lakh. Now can we take itc for this. Pls ans

prasad Nilugal   15 November 2019

prasad Nilugal

 117 likes  1785 points

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Is it for your Business purpose ?.

avater

Anshika Aggarwal (Chartered Accountant)     15 November 2019

Anshika Aggarwal
Chartered Accountant 
 12 likes  149 points

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Hi,

If water purifier is used for business purpose then it is fixed asset for the company. 

Here company has two option. Any one of them can be followed: 

1. To take depreciation

2. To avail ITC

avater

NAGA (ACCOUNTANT)     15 November 2019

NAGA
ACCOUNTANT 
 8 likes  415 points

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It is for business purpose.

avater

RAJA P M ("Do the Right Thing...!!!")     15 November 2019

RAJA P M
"Do the Right Thing...!!!" 
 8409 likes  114823 points

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@ Mr Naga.,

Yes... You can claim ITC. No more problem.

1 Like
avater

Anshika Aggarwal (Chartered Accountant)     15 November 2019

Anshika Aggarwal
Chartered Accountant 
 12 likes  149 points

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yes, you can claim ITC but do not capitalize the tax part in your books


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