Hi,
Am buying an machine with IGST. In previous tax regime, I was allowed to take Depreciation on the machine. Am not clear on if I could could do the same if I claim ITC under GST. Please clarify.
Thanks in adv,
Rajesh
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ITC and Depreciation
Replies (3)
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.
Hi Akash,
That clarifies my basic doubt. Thanks a lot. My other doubt is, I make goods using this machine, which are sold intra-state. So how do I claim ITC for IGST in this scenario? Is there any specific form that I need to file?
Thanks in adv,
Rajesh
That clarifies my basic doubt. Thanks a lot. My other doubt is, I make goods using this machine, which are sold intra-state. So how do I claim ITC for IGST in this scenario? Is there any specific form that I need to file?
Thanks in adv,
Rajesh
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.
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