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ITC on capital goods purchased for wholly taxable supplies


Hemanta Samal   20 April 2021

Hemanta Samal

 6 likes  89 points

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Whether ITC on capital goods purchased for wholly taxable sales should be taken on proportionate basis for 60 months for monthly payment and 20 quarters for quarterly payment or it can be available at a time when on the capital goods purchased. Please clarify. If yes please quote relevant section or rules.
yash

yash (accountant)     20 April 2021

yash
accountant 
 31 likes  517 points

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ITC on capital goods  is available if done capital goods used for furtherance of business and goods not included immovable properties ;like building and furniture fixed in building 

Sourav

Sourav (Student)     20 April 2021

Sourav
Student 
 717 likes  12074 points

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Agree with yash
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     20 April 2021

CMA Poornima Madhava
CMA 
 664 likes  7685 points

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Entire input tax credit can be availed at the time of purchase of capital goods.

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RENU SHARMA

RENU SHARMA   20 April 2021

RENU SHARMA

 44 likes  855 points

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You can avail the capital goods itc benefit if it's will use for furtherance of business as per section 16 of cgst Act read with rule 43
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CA Altamush Zafar

CA Altamush Zafar (GST Consultant)     21 April 2021

CA Altamush Zafar
GST Consultant 
 360 likes  6138 points

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Ful itc at the time of purchase

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