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)
Quick Summary
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 Topics :
- Chhath Puja 2026 Dates Timing Tithi
- Tax Benefit on Second Property
- IPO application checklist: 18 rules that decide wh
- NSE IPO Price, GMP, Allotment Date and Listing
- Gst tax rate
- Cash deposited by customer
- CAPITAL GAIN REG
- Built a simple tool to automate client document fo
- Capital Gain on Sale of SRA Allotted Flat Received
- Discrepancy in Auto populated figures in GSTR1 of
Related Topics :
CAclubindia
