i have purchased a machine for rs. 150000.00 + 18% gst = 177000.00
can i claim itc ? if yes then on what conditions?
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ITC on Machinery Purchased
Replies (7)
It is a capital asset and will be used to produce final outputs right?
yes it is a capital good
Then GST credit will be divided over 5 years i.e 60 months and taken every month till 60 months only if goods produced are of nature which are fully taxable
YES u can claim ITC if u used the machinery in course of furtherarnce of business
But if you are exporter and supply made through payment without tax
then u can not cliam itc of capital goods
MACHINERY use for output supply if u are sale before 5 yaer than required reverse itc
IF u are made supply of exempt then u can not claim itc
yes you can claim ITC for machinery purchase for business uses
yes you can claim full whole ITC , in single shot, only one condition to avail such ITC, produced taxable supply including zero rated(export).
Ruchika ji,
we can claim itc on capital good in single shot.
the condition for 60 month is only for reversal. when you use both foe excempted and taxable goods
we can claim itc on capital good in single shot.
the condition for 60 month is only for reversal. when you use both foe excempted and taxable goods
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