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ITC On EXPENSE (CONS)

27 September 2017

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

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11 Replies

RAJA P M ("Do the Right Thing...!!!") (127076 Points)
Replied 27 September 2017

Yes....

No more restriction if it's your business. You can take it as ITC

Shagun Gupta (37 Points)
Replied 27 September 2017

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 .

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 27 September 2017

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

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 27 September 2017

Also read Sec 17 of CGST Act for ITC related provisions.

RAJA P M ("Do the Right Thing...!!!") (127076 Points)
Replied 27 September 2017

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 ...

Shagun Gupta (37 Points)
Replied 27 September 2017

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

Shagun Gupta (37 Points)
Replied 27 September 2017

So at the end of year if i claimed 1200 as input then can i dedut deprication on that mobile every year .

Shagun Gupta (37 Points)
Replied 27 September 2017

sorry above tax calculation was Rs 2400 * mistakenly wrote 1200

RAJA P M ("Do the Right Thing...!!!") (127076 Points)
Replied 27 September 2017

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