we are ink manufacturing company and we hav installed a machinery. we dont want to claim depreciation.
can we claim ITC on full GST on capital goods.
we are covered under inverted duty tax structure and so we claim refund every quarter. so can we get refund for that ITC on machinery
currently we only claiming refund on ITC of purchase of raw materials.
please give ur view also on ITC on input services.
Thank you
Menu
Refund on ITC on capital goods
Replies (4)
For inverted duty structure, ITC Of capital goods and input services are available but refund of ITC of capital goods and services is not available.
Depreciation isn't a choice per se. You are required to make depreciation provision as per the relevant accounting standards to account for machinery wear and tear that would lead to financial statements which are free from material misstatement.
Regards
CA. Raj Doshi
www.rcdco.in
Depreciation isn't a choice per se. You are required to make depreciation provision as per the relevant accounting standards to account for machinery wear and tear that would lead to financial statements which are free from material misstatement.
Regards
CA. Raj Doshi
www.rcdco.in
For inverted duty structure you can claim ITC subject to sec.17(5) but you can't claim refund on capital goods and services
In case of inverted tax duty structure ITC is available but not refund
Correct, as suggested by professionals
Recent Topic
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
- Tds on deceased's pan
- Exempt income declaration schedule EI in ITR2 (AY2
Related Topics
CAclubindia
