@ 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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ITC on Fixed Assets
Replies (29)
@ 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.
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.
@ 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...
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...
@ 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.
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.
Dear Sir.,
Please see the link you can get clarity...
https://cleartax.in/s/itc-rules-capital-goods-gst
Please see the link you can get clarity...
https://cleartax.in/s/itc-rules-capital-goods-gst
You can refer Sec 17 for ITC related .
machinery is a capital good . we can avail input for 5 yrs as per gst
machinery is a capital good . we can avail input for 5 yrs as per gst
5000 is cgst & 5000 sgst how to take input please explain
| 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
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
| 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...
DEAR SIR CAN I TAKE ITC ON ELECTRIC GENERATOR THE COST OF PRODUCT IS 407100 IGST 62100/-
Yes... You can if it's used in Your business purpose.
Yes you can claim ITC is used in furtherance of business and there should not be fully exempted outward supplies.
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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