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ITC on Capital assets

Others 351 views 4 replies
Proprietary concern

Newly purchased each capital assets which is used for business

can we take ITC under GST
Replies (4)
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.
Yes you can claim ITC of GST paid on Capital Assets which is used in the course or furtherance of business by virtue of Section 16(1) of the CGST Act 2017.

However there are few items on which the ITC is specifically BLOCKED under Section 17(5) of the CGST Act 2017, even though the assets are being used in the course of or furtherance of business like Motor Vehicles, Works Contract services etc. Refer the Negative list ones u/s 17(5) of the CGST Act 2017 for your reference.
Yes, you can claim ITC of GST paid on Capital Assets which is used or to be used in the course or furtherance of business except it's blocked u/s 17(5) of CGST Act, 2017
Yes you can claim ITC


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