ITC on Fixed Assets

ITC / Input 1234 views 29 replies
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Group Finance Controller
15 Points Joined April 2010
@ Raja P M : your response to pnt nEema...
can you please share that relavent section.. since I am in similar line of business, I want to know more abt it. since in earlier regime i could not avail the input credit.
pl help.
I can be reachable @ . murthyin25 @ gmail.com.

thanks in advance.
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On 30 September 2017 at 02:29
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128147 Points Joined January 2015
@ IN Murthy.,
Yes. You are correct...
In previous Tax regime's ITC not available other than business related for electric and Electronic, Vehicles and Furniture. But, We claim Depreciation on full asset value...
Now, On GST we can claim ITC for any fixed asset for using furtherance of business...
Restriction only following We can claim ITC on Tax amount the same time we can claim depreciation for the basic value of assets...
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On 30 September 2017 at 06:02
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Group Finance Controller
15 Points Joined April 2010
@ Raja P M..
thanks for the quick response. can you please share the relevant section which outlines ITC.
also is their any specific timeline to avail the ITC.
please guide.
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On 01 October 2017 at 20:27
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128147 Points Joined January 2015
Dear Sir.,
Please see the link you can get clarity...

https://cleartax.in/s/itc-rules-capital-goods-gst
1 Reply
On 01 October 2017 at 20:47
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Chartered Accountant
86505 Points Joined April 2011
You can refer Sec 17 for ITC related .
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On 01 October 2017 at 20:58
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student
459 Points Joined May 2017
machinery is a capital good . we can avail input for 5 yrs as per gst
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On 25 October 2017 at 20:50
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student
459 Points Joined May 2017
machinery is a capital good . we can avail input for 5 yrs as per gst
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On 25 October 2017 at 20:50
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student
459 Points Joined May 2017
5000 is cgst & 5000 sgst how to take input please explain
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On 25 October 2017 at 20:57
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128147 Points Joined January 2015
Originally posted by : MOHAMMED IRFAN
5000 is cgst & 5000 sgst how to take input please explain

 

https://taxscoop.in/entries/gst/itc-in-case-of-capital-goods-under-gst

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On 25 October 2017 at 21:08
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student
459 Points Joined May 2017
so every asset value have to calculate for 5 yrs . whether it is taxable or exempt .. exclusively taxable full refund can claim .. is it correct sir
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On 25 October 2017 at 21:18
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128147 Points Joined January 2015
Originally posted by : MOHAMMED IRFAN
so every asset value have to calculate for 5 yrs . whether it is taxable or exempt .. exclusively taxable full refund can claim .. is it correct sir

I think you are wrongly understand...

If the machinery used only for exempted supplies related activities then you cant claim ITC for the purchase of Capital goods...

1 Reply
On 25 October 2017 at 21:27
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Accounts Head
23 Points Joined November 2013

DEAR SIR CAN I TAKE ITC ON ELECTRIC GENERATOR  THE COST OF PRODUCT IS 407100 IGST 62100/- 

 

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On 06 June 2018 at 15:54
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128147 Points Joined January 2015
Yes... You can if it's used in Your business purpose.
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On 06 June 2018 at 16:09
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24196 Points Joined May 2018
Yes you can claim ITC is used in furtherance of business and there should not be fully exempted outward supplies.
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On 06 June 2018 at 16:15
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article assistant
123 Points Joined March 2016

except for motorcycle but you cannot charge depreciation if you are claiming input on purchase of capital assets as per sec 17(5).

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On 06 June 2018 at 17:10


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