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ITC on capital goods


Vishesh Bhagat   05 June 2018

Vishesh Bhagat

 7 likes  84 points

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i will start production activity in factory for which i purchased a machinery worth 1300000 gst 234000 paid on said purchases
(machinery will process raw material and produce finish goods)
what are provisions under gst for claiming of input tax on said capital goods?

1 Like

Vishesh Bhagat   05 June 2018

Vishesh Bhagat

 7 likes  84 points

| My Other Post

i will start production activity in factory for which i purchased a machinery worth 1300000 gst 234000 paid on said purchases
(machinery will process raw material and produce finish goods)
what are provisions under gst for claiming of input tax on said capital goods?

avater

Vinod Babu   05 June 2018

Vinod Babu

 2209 likes  24096 points

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You can claim itc if it used for furtherance of business and there should not be exempted outward supplies.

avater

Ram Agrahari   06 June 2018

Ram Agrahari

 4 likes  250 points

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Agreed with Vonod...You can claim the whole credit of Rs. 234000 you will not be eligibel to claim depreciation  under Income tax Act on the said amount of GST

avater

Rajkiran Ghosh   09 June 2018

Rajkiran Ghosh

 4 likes  453 points

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sir if i purchase machinery and i wish to use this machine to produce taxable supply goods...In that case will i get full input tax credit in the same month of the purchase of machine????sir plz reply me.


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