we r manufacturer turnover above RS. 1.5 cr, import a machine RS.7 lac for production (taxable goods with partly supply with lut to sez not exempted goods)
Can we take ITC of igst on B.O.E in one time not in 5 years
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ITC CAPITAL GOODS
Replies (7)
Yes... You can take the ITC in Single Take in that Purchased Month...
Your eligible to take itc at one time if you are not consider gst component in depreciation under income tax act
Dear sir
what about depreciation
what about depreciation
If You will avail the GST Tax as ITC then You can't claim Depreciation for the GST Tax...
You can Book depreciation for the basic Value of Goods (Assets)...
thanx sir
You are most welcome Dear
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