itc on fixed assets

ITC / Input 1169 views 7 replies
Can we take itc on fixed assets and insurance for 2017-18 in sept'18 return. Please elaborate with depreciation effect
Replies (7)
Please tell what catagory in Fixed asset and nature of business.
Fixed assets such as cctv camera, furniture's, software for proprietorship distributor business
Yes... You can avail the ITC benefits for the purchase of above said goods...


Also can You Elobrate the Insurance details...
You can take INPUT TAX CREDIT ( ITC ) on the above mentioned Fixed Asset.

As far as Depreciation is concerned, you can either claim ITC or Depreciation on Tax Component, but not both....

Refer SECTION 16(3) of CGST ACT 2017....
Godown insurance
Yes. You can claim ITC on GST paid for such insurance.

Also I agree with above replies. ITC can be claimed on mentioned Fixed assets.
Yes you can take ITC when used for business purpose. 
As per Section 2(19) of the Central Goods and Services Tax (CGST) Act, 2017, unless the context otherwise requires, the term 'capital goods' means goods, the value of which is capitalized in the books of accounts of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business.

For taking ITC., following should also be satisfied 

1. Gst registration should be regular type 
2. Invoice bill should bears the company name & Gstin
3. Gst  bill should be of B2B


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