ITC Availability for Fire extinguisher

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Manager
528 Points Posted on 19 June 2022
Dear Experts,

While purchasing the Fire Extinguisher for official purposes, can we avail the ITC...

This fire extinguisher been grouped unded Plant and Machinery..
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On 19 June 2022 at 08:09 Report
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Quick Summary
This discussion clarifies whether Input Tax Credit (ITC) can be claimed on fire extinguishers purchased for business use. Experts confirm that ITC is generally available if the extinguisher is classified under Plant and Machinery and used for the furtherance of business. Additionally, depreciation can also be claimed on the asset.

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CA Practice
147952 Points Posted on 19 June 2022

Yes, ITC can be availed on it as it's used for business.

1 Reply
On 19 June 2022 at 10:35
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Chartered Accountant
86505 Points Posted on 19 June 2022
ITC is available only if you are not dealing in exempted goods only
1 Reply
On 19 June 2022 at 12:36
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Profession
28267 Points Posted on 19 June 2022
Input tax credit can be availed if used for furtherance of business.
1 Reply
On 19 June 2022 at 16:26
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Manager
528 Points Posted on 19 June 2022
Thank you Experts


it would be so happy to get the answer for

can we get depreciation too?
1 Reply
On 19 June 2022 at 19:09
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Chartered Accountant
86505 Points Posted on 19 June 2022
Yes you can claim depreciation also
1 Reply
On 19 June 2022 at 19:15

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