purchased capital goods on 25 September2017,providing non taxable service,now from 2 April 2018 service becomes taxable.for claiming input on capital goods I have to reduce by 5% per quarter.
my question is what is quarter here
it's September october November= 1 quarter
or
September = 1 quarter
October November December = 2nd quarter?
Menu
ItC on capital goods.
Replies (4)
it shall be September =1 quarter, Oct-Dec= 2nd quarter, Jan-Mar= 3rd quarter and....
NOTE...
1st April = 4th quarter...
U ll have to reduce ITC amount by considering 4 quarters here.
NOTE...
1st April = 4th quarter...
U ll have to reduce ITC amount by considering 4 quarters here.
thanks...one more question why do we add April quarter i.e total 4 quarter even we have start providing taxable service from 1st April,that means we should count upto 31st March means 3 quarter.??
if service becomes taxable on 2 April then quarter or part thereof concept will be applied???
if service becomes taxable on 2 April then quarter or part thereof concept will be applied???
The date mentioned in query is 2nd April, hence we added April quarter.. Otherwise, if it is taxable from 1 April... only 3 quarters will be considered.. No need to add April quarter.
ok thanks alot....
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