ITC on Capital Goods

ITC / Input 238 views 10 replies
Is there any provision to claim ITC on capital goods
Replies (10)
Yes you can claim ITC. But cannot if you claim depreciation on GST
one of our party is manufacturing company , can company claim itc on capital goods
Yes if the equipment is used to produce the company.'s products.
asset is used in office
OK. If it is used for furtherence of business ITC can claimed.

However there are certain goods like motor vehicles on which you cannot calaim ITC

what are the assets , which we cannot claim itc

(a) motor vehicles, except when they are supplied in the
usual course of business or are used for providing the
following taxable services—
(i) transportation of passengers, or
(ii) transportation of goods, or
(iii) imparting training on motor driving skills;
(b) goods and / or services provided in relation to food
and beverages, outdoor catering, beauty treatment,
health services, cosmetic and plastic surgery,
membership of a club, health and fitness center,
life insurance, health insurance and travel benefits
extended to employees on vacation such as leave
or home travel concession, when such goods and/
or services are used primarily for personal use or
consumption of any employee;
(c) goods and/or services acquired by the principal in
the execution of works contract when such contract
results in construction of immovable property, other
than plant and machinery;
(d) goods acquired by a principal, the property in which
is not transferred (whether as goods or in some
other form) to any other person, which are used in
the construction of immovable property, other than
plant and machinery;
(e) goods and/or services on which tax has been paid
under section 8; and

(f) goods and/or services used for private or personal
consumption, to the extent they are so consumed.

tq sir
one more quarry sir,
i am paying loan processing charges with gst 18% to bank
like processing charges 10000 + gst 1800 , whether can i claim that gst as itc


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