Can we get benefit of itc on Fixed assets purchased i.e. Computer,machinery,motorbike etc.
Above assets to be used in business operation
pls suggest
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ITC on Fixed Assets
Replies (29)
Sir ITC on motor vehicles is not available under gst as per sec 17(5).
yes, except list under section 17(5)
thanks a lot Rachit ji and mayur ji pls tell me one thing more
Itc can avail within five years @ 5% per qtr for used period on amy fixed assets ..so pls explain me which fixed assets are listed in this rules??
Itc can avail within five years @ 5% per qtr for used period on amy fixed assets ..so pls explain me which fixed assets are listed in this rules??
And what is the procedure for avail the Itc on particular asset
ITC on Computer and Machinery
A) 100% ITC
If they are used only for supply of Taxable goods
B)Proportionate ITC
If they used for supply of Taxable as well as Exempt supply.
C) No ITC
If used exclusivly for supply of Exempted goods or services
ITC on Motarbike
No ITC as per Sec 17(5)
A) 100% ITC
If they are used only for supply of Taxable goods
B)Proportionate ITC
If they used for supply of Taxable as well as Exempt supply.
C) No ITC
If used exclusivly for supply of Exempted goods or services
ITC on Motarbike
No ITC as per Sec 17(5)
thanka Vijay patil ji..
Right
I purchased computer for billing purposes in my showroom, purchase or setup furniture for shoeroom. Then can I claim full ITC in the same month
plz clear the above
here I have a mobile show room, for which I brought
computer printer and furniture , also pay GST on..
can I claim the same in my return...??
and how , how much
can I claim the same in my return...??
and how , how much
@ pNt,
You can claim full ITC as you above said details...
You can claim full ITC as you above said details...
Sir,.. as per Motor Vihcle Act "Motor" means cars, buses, trucks, boats, yachts, aircraft, etc... Two Wheeler & Three Wheeer are not covered as "Motor".
So in my opinian ITC on "Bike" or "Sccoter" will be allowed under GST
Sec 17(5) (a) of CGST Act,2017 ( Blocked Credit)
Motor Vehicle and " Other Conveyance"....
Thus No ITC on bike
Motor Vehicle and " Other Conveyance"....
Thus No ITC on bike
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