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ITC on capital goods

saud ahmed (Student CA IPC / IPCC) (270 Points)

01 November 2019

can i claim full itc on capital goods in first year of purchases...CG will be used exclusively for business purposes

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4 Replies

Surjeet Negi (947 Points)
Replied 01 November 2019

Yes you can claim ITC on capital good. however , ITC is not available for capital goods used exclusively for making exempted goods. further, denial of itc If depreciation has been claimed on tax component of procured capital good.

Jyoti Narang (Kkk) (1202 Points)
Replied 01 November 2019

Where to report itc on capital goods in Gst return

RAJA P M ("Do the Right Thing...!!!") (127177 Points)
Replied 01 November 2019

@ Mr Saud Ahmed.,

Yes... You can claim full ITC in single take in the same month.

@ Jyoti Narang.,

No more special columns for showing CG in GSTR 3B return.
But,
You can show the details in Annual return.