Vipin Kumar 18 September 2020
can we take ITC paid on Generator for 5 years at once or we have to take it every year @ 20%
Thanks in advance
Sagar Patel (Tax and Business Consultant) 18 September 2020
You can take total ITC at Once at time of Purchase...but if you have a taxable as well as Exempt Supplies than you are required to Reverse the Proposnate ITC taking useful life as 5 Years
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