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Regarding ITC

ITC / Input 298 views 9 replies

dear sir
with respectfully I like to say that I want to know that I can take itc on laptop purchase for accounting of My business
plz guide me on this issue
REGARDS
MUDIT

Replies (9)
yes sir you can take
Yes, its eligible for ITC
as a captial good
yes you are eligible even on capital good if used for business purpose
but you should capitalize GST amount and claim depreciation of GST amount
if I capitalised this amount with gst and claim depreciation on amount with gst on laptop I cannot take itc on it
but you should NOT capitalize GST amount and claim depreciation of GST amount
Yes you are eligible to take 100% ITC on computer as a capital goods.
But the condition is you should capitalize the laptop in your books of account. you should use that laptop in the course of business. and you cannot claim depreciation on tax portion. you can claim depreciation on base value only.
When you sell that laptop the you have to pay GST on it .
Agree with Mr.Prathmesh


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