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ITC On EXPENSE (CONS)
Sir my query is that , are there any cons for ITC on expense moreover any limitations or boundation on getting itc on expenses like itc on software like tally , busy , or printer etc And also can we get itc on printer , laptop , mobile , led , ac , etc
Replies (11)
Yes....
No more restriction if it's your business. You can take it as ITC
Thx Sir
But i have red some where that if one has claimed itc on laptop , software , etc then one can't charge depreciation on them every year and that assest can't be sold for 5 year is it right or not . If yes then we should not take itc .
But i have red some where that if one has claimed itc on laptop , software , etc then one can't charge depreciation on them every year and that assest can't be sold for 5 year is it right or not . If yes then we should not take itc .
Check the below given list for getting actual position of your expenses.
Expense list under GST https://www.caclubindia.com/share_files/details.asp?mod_id=74125
Expense list under GST https://www.caclubindia.com/share_files/details.asp?mod_id=74125
Also read Sec 17 of CGST Act for ITC related provisions.
If you are use it in your busine you can take ITC on the tax portion....
Also you can't claim depreciation on GSt Tax amounts...
It means you can't claim depreciation on Tax amount. But, You can claim Depreciation on Materials cost ...
let say i purchase a mobile worth Rs 20000 and got a charge @ 12% as Gst so then Total Value =21200 {20000 + 1200 ( Tax ) } So at the end of
So at the end of year if i claimed 1200 as input then can i dedut deprication on that mobile every year .
sorry above tax calculation was Rs 2400 * mistakenly wrote 1200
| Originally posted by : Shagun Gupta | ||
 |
let say i purchase a mobile worth Rs 20000 and got a charge @ 12% as Gst so then Total Value =21200 {20000 + 1200 ( Tax ) } So at the end of |  |
Yes... You can claim ITC Rs. 2400 and the same purchased month...
You ll be claim depreciation in end of the year Rs. 20000...
Also we ll maintain the books of Accounts on previous tax regime like Rs. 22400 as Fixed asset (it's not capital goods).
Now, In GST we claim ITC on Tax portion and Claim depreciation on Assets (Basic Value) portion...
If you dont want to take ITC then you can claim depreciation on GST amt
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