ITC ON CAPITAL GOOD

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ARTICLE ASSISTANTS
7 Points Posted on 19 July 2021
Which year turnover to be considered for calculating Available ITC on Capital Goods when Machinery used for both exempt and taxable supply.
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On 19 July 2021 at 17:18 Report
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Quick Summary
This discussion clarifies how to calculate the Input Tax Credit (ITC) on capital goods when they are used for both exempt and taxable supplies. The key question is determining the correct period for calculation. The consensus is that ITC is calculated from the month of purchase of the capital goods, even if they are subsequently used for exempted supplies.

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GST Practitioner
55067 Points Posted on 19 July 2021
Exactly from day when Capital goods is being used for exempted supply also.
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On 19 July 2021 at 23:21
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Chartered Accountant
86505 Points Posted on 20 July 2021
It is calculated from the month of purchase of capital goods.
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On 20 July 2021 at 06:48

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