I have a retail showroom and I have purchased computer, printer, bar code scanner machine for my business.
Will I get the input credit on the GST paid on these good?
Thanks
Rohit
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Queries regarding input credits
Replies (3)
The said items will be recorded as ‘capital goods’ in the books of accounts.
ITC is available on capital goods PROVIDED depreciation is not claimed on the tax component.
Example:
|
Cost of Asset |
100 |
|
Tax @ 10% |
10 |
|
Total Cost |
110 |
If depreciation charged on Rs. 100 = ITC available
If depreciation charged on Rs. 110 = ITC not available
MUST: Possession of invoice & supplier shall upload it in the GSTN portal.
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