Refund on ITC on capital goods

An ink manufacturing company is seeking clarification on whether they can claim a full GST Input Tax Credit (ITC) refund on newly installed capital goods, even if they choose not to claim depreciation. While the company operates under an inverted duty structure and claims quarterly refunds on raw material ITC, they are unsure if this extends to capital goods. Experts confirm that while ITC on capital goods and input services is available under an inverted duty structure, a refund specifically for the ITC on capital goods and services is generally not permitted.