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ITC on fixed assets

ITC / Input 415 views 3 replies
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Manager - Accounts and Finance
37 Points Posted on 15 March 2020
Sir, v have purchased fixed assets and claimed gst input in monthly returns. will it be disallowed while filing annual returns under gst act?
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On 15 March 2020 at 13:15 Report
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b.com
33 Points Posted on 15 March 2020
ITC on fixed assets eligible to claim. however, the ITC shall not be an blocked ITC as per 17(5) of the act
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On 15 March 2020 at 13:44
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GST Practitioner
55067 Points Posted on 15 March 2020
No..... ITC on fixed asset except (car) prescribed in section 17(5) is allowed.

so no need reverse.
301 Reply
On 15 March 2020 at 15:43
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Chartered Accountant
12739 Points Posted on 15 March 2020

input tax credit allowed on Fixed Assets at once (100%) 

40 Reply
On 15 March 2020 at 16:29


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