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ITC on capital Goods


AJAY KUMAR (accountant)     26 October 2019

AJAY KUMAR
accountant 
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sir,
I have purchased a air conditioner for company basis and take depreciation on air conditioner can I take ITC on air conditioner. can I take both deprication and ITC on air conditioner

avater

Hardik Hindocha   26 October 2019

Hardik Hindocha

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1) You can take ITC of tax paid on air conditioner but make sure that you haven't capitalised the tax component while filing your income-tax Returns.

2) Yes, you can also claim depreciation on wdv (again, make sure that gst paid is not capitalised)..

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AJAY KUMAR (accountant)     26 October 2019

AJAY KUMAR
accountant 
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Only basic amt capitalised ok sir

sadanand (student)     26 October 2019

sadanand
student 
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I think, you can claim either itc or depreciation.

awaiting for experts opinion

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Pankaj Rawat (GST Practitioner)     27 October 2019

Pankaj Rawat
GST Practitioner 
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1.Option
Can claim depreciation on Taxable Amount which is before GST & can avail ITC on GST Amount

2 Option :
Claim depreciation on Gross amount(including GST ) , then ITC is not available.

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subhagan sreerangam   27 October 2019

subhagan sreerangam

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You can claim the depression.on Taxable amount before GST and also avail ITC Credit on GST amount.Otherwise claim depression on Gross Value,then ITC Credit is not available.

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Kishor Lulla   28 October 2019

Kishor Lulla

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Its wrong..either deprn or itc

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Pankaj Rawat (GST Practitioner)     28 October 2019

Pankaj Rawat
GST Practitioner 
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@ Mr. KISHOR LULLA

WHY ITS WRONG..... CAN'T WE AVAIL ITC IF WE CLAIM DEPRECIATON ON TAXABLE AMOUNT ...... KINDLY REFER THE SECTION 16(3) OF CGST ACT

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subhagan sreerangam   03 November 2019

subhagan sreerangam

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As.per Section 16(3) claim depreciation on Taxable amount.


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