banner_ad

ITC Claim on Purchase

ITC / Input 308 views 7 replies
User Avatar

B.Com
29 Points Posted on 20 July 2019
We have purchase a Oil Storage tanks worth Rs.6 lacs and input amount 92k . is it a capital expenditure and if not, can we calim entire input in the current month.
Reply Share Follow
On 20 July 2019 at 11:26 Report
Replies (7)
User Avatar

29 Points Posted on 20 July 2019
Yes , you can take full itc
Reply
On 20 July 2019 at 12:15
User Avatar

B.Com
29 Points Posted on 20 July 2019
if we take full itc then, does depreciation becomes ineligible for that asset?
Reply
On 20 July 2019 at 12:18
User Avatar

29 Points Posted on 20 July 2019
see section 16 sub section 3 for more information..
Reply
On 20 July 2019 at 12:28
User Avatar

Student
23688 Points Posted on 20 July 2019
Yes you can claim Full ITC if the Oil Storage Tanks are used in the course or furtherance of business by virtue of Section 16(1) of the CGST Act 2017.
97 Reply
On 20 July 2019 at 13:08
User Avatar

Bhopal
1741 Points Posted on 20 July 2019
and the depreciation will not be available only for the gst portion.......
3 Reply
On 20 July 2019 at 22:43
User Avatar

CA
3430 Points Posted on 21 July 2019
yes you can claim itc
14 Reply
On 21 July 2019 at 00:27
User Avatar

Student
23688 Points Posted on 02 August 2019
Refer Section 16(3) of the CGST Act 2017 for Depreciation clarification...
97 Reply
On 02 August 2019 at 00:41


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details