capital goods like printer purchased for business .
suppose printer taxable value is Rs 4000
gst is Rs 720 ,bill value Rs 4720
So in GSTR 3B return we will claim this ITC
but for the purpose of depreciation
we will calculate on 4000 (4720-720)
or on 4720
kindly help me with this confusion
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ITC and depreciation impact for capital goods
Replies (4)
u re right bt either u claim itc or depreciation so u can take 4000
that mean I can take ITC of 720 and will charge depreciation on 4000
yes
Claim Depreciation under Section 32 of the Income Tax Act 1961 on Rs. 4000 amount.
And claim ITC as per Section 16 of the CGST Act 2017 on Rs. 720. Note that all the conditions as laid down u/s 16(2) of the CGST Act 2017 is satisfied before claiming the ITC.
And claim ITC as per Section 16 of the CGST Act 2017 on Rs. 720. Note that all the conditions as laid down u/s 16(2) of the CGST Act 2017 is satisfied before claiming the ITC.
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