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?
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ITC on capital goods
Replies (3)
You can claim itc if it used for furtherance of business and there should not be exempted outward supplies.
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
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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