I purchase 1 machinery( movable) part in FY 20-21 but forget to capitalise it but claimed the ITC on the same in GSTR-3B.
Is this claim of ITC need to reverse due to non capitalisation?
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ITC on Capital Goods -
Replies (12)
Why...??
No need to reverse the ITC.
No need to reverse the ITC.
Input tax credit to reverse itc
| Originally posted by : sabyasachi mukherjee | ||
 |
Input tax credit to reverse itc |  |
Mr. Sabyasachi,
Can you give clarification for the reverse of ITC...???
ITC ON CAPITAL GOODS CAN BE CLAIMED IF USED FOR THE PURPOSE OF BUSINESS OR NOT.
rajA
Mr. raja pm never create sundry debtors account when asset are sold because always those income are segregated from main income. Though I hv consented to that.its not very correct.
So remember you hv a wrong conception. Disclosure of such income is separate in Pl account and balance sheet.
NOW
rajA
Mr. raja pm never create sundry debtors account when asset are sold because always those income are segregated from main income. Though I hv consented to that.its not very correct.
So remember you hv a wrong conception. Disclosure of such income is separate in Pl account and balance sheet.
NOW
Mr Sabyasachi,
Better to read what is ITC, What is capital goods, what is furtherance of business, What is GST ITC, what/when/which condition reverse the ITC....
After that come back with minimum knowledge... Flat read not possible to act professional...
This capital goods are in the furtherance of business & also not restricted under Section 17(5). Just because its not capitalised , nodal officer forcing to reverse the ITC. As per his view if the asset is capitalised , shown in balance sheet then only eligilble to claim ITC.
First read then react. I am quite aware of these facts.
| Originally posted by : sabyasachi mukherjee | ||
|
First read then react. I am quite aware of these facts. | |
Sssss I know Your aware...
No need to reverse the ITC. Its a part of Machinery, and no where else written that to capitalize in GST Act. Also if, we have not capitalized any Plant and machinery it is not required to reverse the ITC.
The queries has not mentioned whether it's put to use or not.
ssss if you do not know do not comment.
ssss if you do not know do not comment.
| Originally posted by : | ||
|
The queries has not mentioned whether it's put to use or not.ssss if you do not know do not comment. | |
Wowww what a logic dearrr...
Yesssss, I forgot it the machinery put to use or not since FY 20-21, FY 21-22, FY22-23, FY23-24...
Ohhh God I really forgot it, still it's not put to use...
Thanks for the remaining part of this...
Capitalisation is only restricted on construction services in terms of renovation, alterations etc.
Due to nocapitalisation of machinery, ITC needs not to be reversed. ITC can be availed subject to fulfillment of all other conditions of Section 16 of CGST
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