Example
I purchased raw material for producing finished goods. But this raw material I used in forming a fixed asset for our business.
Then can I claim this input while filling a GST return or not.
Menu
ITC CLAIM On fixed asset
Replies (4)
yes you can avail input on capital asset either you are purchasing from outside or constructed inside it doesn't impact on ITC
ok thankyu
Yes you can claim ITC on Fixed Asset/Capital Asset provided that you satisfy all the Four conditions laid down u/s 16(2) of the CGST Act 2017.
1). Possession of a Tax Invoice.
2). You have received the Goods or Services.
3). The Supplier must have paid the Taxes to the Government and;
4). The Recipient must have filed the Return.
1). Possession of a Tax Invoice.
2). You have received the Goods or Services.
3). The Supplier must have paid the Taxes to the Government and;
4). The Recipient must have filed the Return.
Ok thankyu
Recent Topics :
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
- GST RATE ON FILM PRODUCTION
- Section 54
- Why are foreign investors suddenly buying Indian s
- TDS ON IMMOVABLE PROPERTY - PURCHASE FROM NRI &
- Query to Tax Garden tax consultant
- Subject: Urgent Assistance Required – TRACES
Related Topics :
CAclubindia
