ITC for a Machine purchased for oil Mill

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33 Points Posted on 05 October 2020
can i get ITC for the cutting machine purchased in a coconut oil mill
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On 05 October 2020 at 18:57 Report
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Yes, you can claim Input Tax Credit (ITC) on machinery purchased for your coconut oil mill, provided it's used for business purposes. This applies to capital goods as per Section 16(1) of the CGST Act 2017, as long as the credit isn't blocked under Section 17(5). You can claim the entire ITC in the same month you purchase the machinery.

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Tax and Business Consultant
11616 Points Posted on 05 October 2020
Yes, if it's for business purposes than you can take ITC on same...
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On 05 October 2020 at 19:45
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Student
23693 Points Posted on 05 October 2020
Yes you can claim ITC of GST paid on purchase of machinery ( a Capital Goods ) since it is being used in the course or furtherance of business.

As per the Provision of Section 16(1) of the CGST Act 2017, ITC on Inputs, Input Services and Capital Goods "used in the course or furtherance of business" can be claimed ( subject to blocked credit under Section 17(5) of the CGST Act 2017 ).
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On 05 October 2020 at 21:00
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in practice
28 Points Posted on 05 October 2020
Can we claim the entire credit in the same month or credit to be within 6 months. PL clarify with notification if any
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On 05 October 2020 at 21:57
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Tax and Business Consultant
11616 Points Posted on 05 October 2020
You can claim entire ITC of Capital Goods in same month in which you purchased that Goods.
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On 05 October 2020 at 22:45
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in practice
28 Points Posted on 06 October 2020
Can you please share the notification, if any
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On 06 October 2020 at 13:23
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Tax and Business Consultant
11616 Points Posted on 06 October 2020
Refer Section 16 of CGST Act, 2017 read with section. 2(59) input and 2(19) Capital Goods definitions.
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On 06 October 2020 at 16:38

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