ITC and Depreciation

Hi Rajesh,

In my understanding, you are classifying the machinery as Fixed Asset and will claim ITC only on the IGST portion that you have paid, subject to satisfaction of other conditions. You can always claim depreciation on the actual cost of the machine, excluding IGST.

Hope this clarifies.

You do not have to file any form. You can claim it in your GSTR-3B return under 'All other ITC' and in your GSTR 2, which will be released shortly.