ITC on capital Goods

Hardik

Professional

918 Points Posted on 26 October 2019

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)..

AJAY KUMAR

accountant

213 Points Posted on 26 October 2019

Only basic amt capitalised ok sir

sadanand

student

38 Points Posted on 26 October 2019

I think, you can claim either itc or depreciation.

awaiting for experts opinion

Pankaj Rawat

GST Practitioner

55067 Points Posted on 27 October 2019

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.

subhagan sreerangam

7059 Points Posted on 27 October 2019

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.

Kishor Lulla

1011 Points Posted on 28 October 2019

Its wrong..either deprn or itc

Pankaj Rawat

GST Practitioner

55067 Points Posted on 28 October 2019

@ 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

subhagan sreerangam

7059 Points Posted on 03 November 2019

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

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AJAY KUMAR

Hardik

AJAY KUMAR

sadanand

Pankaj Rawat

subhagan sreerangam

Kishor Lulla

Pankaj Rawat

subhagan sreerangam

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