ITC on Fixed Assets

Page no : 2

IN Murthy (Group Finance Controller) (15 Points)
Replied 30 September 2017

@ 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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RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 30 September 2017

@ 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...

IN Murthy (Group Finance Controller) (15 Points)
Replied 01 October 2017

@ 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.

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 01 October 2017

Dear Sir.,
Please see the link you can get clarity...

https://cleartax.in/s/itc-rules-capital-goods-gst

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CA Rashmi Gandhi (Chartered Accountant) (86474 Points)
Replied 01 October 2017

You can refer Sec 17 for ITC related .

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MOHAMMED IRFAN (student) (459 Points)
Replied 25 October 2017

machinery is a capital good . we can avail input for 5 yrs as per gst

MOHAMMED IRFAN (student) (459 Points)
Replied 25 October 2017

machinery is a capital good . we can avail input for 5 yrs as per gst

MOHAMMED IRFAN (student) (459 Points)
Replied 25 October 2017

5000 is cgst & 5000 sgst how to take input please explain

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 25 October 2017

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

MOHAMMED IRFAN (student) (459 Points)
Replied 25 October 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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RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 25 October 2017

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 Like