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itc claim against capital goods

ITC / Input 245 views 4 replies
sir, i have purchase ups & some other goods of computer for our shop in capital goods not for sale, then I have clame GST in that goods.
and depreciation make also in coming financial year.
Replies (4)
Yes...
You can claim ITC...
You ll claim depreciation for the Basic Value...
Ex:
Basic Value - Rs. 1000
GST Value - Rs. 100 Total Rs. 1100

You claim GST ITC Rs. 100
Claim Depreciation Rs. 1000....

SORRY , YOU CAN NOT AVAIL ITC OF C.G. PURCHASE  IN GST 

Where is it under GST...?

Credit of Input Tax will be available in totality where Capital Goods have been used for effecting taxable supplies and business activity without any restrictions

Where Capital Goods is used commonly for exempt and taxable supplies and/or business and non-business activity the credit of input tax shall be calculated in the following manner:

1. Such amount shall be credited to Electronic Credit Ledger

2. Useful life of such capital good shall be taken to be 5 years from the date of purchase

3. Now the total amount of input tax credited to Electronic Credit Ledger w.r.t. whole useful life such common capital good shall be distributed over the useful life

Credit for tax period = input tax credited to electronic ledger 
                                             60 months (5yrs*12mths)

4. The above amount shall be calculated for all such common capital goods for every tax period namely a month

5. The amount of credit to be added to output tax liability attributable to exempt supplies

=  Value of exempt supplies  * credit for period 
         Total turnover

6. Remaining amount after deducting credit attributable towards exempt supplies will be allowed as ITC

7. All the above calculations must be done separately for:

• Central tax 
• State Tax 
• Union Territory Tax 
• Integrated Tax


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