Proprietary concern
Newly purchased each capital assets which is used for business
can we take ITC under GST
This GST paid can be claimed as credit in the same way as inputs.
However, if you claim depreciation on the GST paid while purchasing the capital asset, you cannot claim input tax credit. However as per Blocked ITC Credit it more important to know which type of asset you have purchased and purpose for which it will be used.
CAclubindia
