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ITC on Fixed Assets

27 September 2017

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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29 Replies

Rachit Jain (99 Points)
Replied 27 September 2017

Sir ITC on motor vehicles is not available under gst as per sec 17(5).

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CA Mayur Todmal (Practicing CA) (7756 Points)
Replied 27 September 2017

yes, except list under section 17(5)

1 Like

Jitendra Yadav (Agra) (24 Points)
Replied 27 September 2017

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??

Jitendra Yadav (Agra) (24 Points)
Replied 27 September 2017

And what is the procedure for avail the Itc on particular asset

Vijay Patil (139 Points)
Replied 27 September 2017

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)

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Jitendra Yadav (Agra) (24 Points)
Replied 27 September 2017

thanka Vijay patil ji..

Pankaj Sharma (2 Points)
Replied 27 September 2017

Right

pNt nEema (student) (111 Points)
Replied 28 September 2017

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

cksingh (Accountant) (186 Points)
Replied 28 September 2017

plz clear the above

pNt nEema (student) (111 Points)
Replied 28 September 2017

here I have a mobile show room, for which I brought

1 Like

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pNt nEema (student) (111 Points)
Replied 28 September 2017

computer printer and furniture , also pay GST on..
can I claim the same in my return...??

and how , how much

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 28 September 2017

@ pNt,
You can claim full ITC as you above said details...

1 Like

rajesh behl (accounts manager ) (72 Points)
Replied 28 September 2017

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