Regarding ITC

ITC / Input 511 views 12 replies

I had purchased a laptop for accounting purpose in the of jayalakshi cotton cotton industries bearing gstn.now my query is is eligible to take ITC, what I have to paid GST on laptop

Replies (12)

If you claim input on laptop you cann't get Depreciation 

without gst of laptop we will get depreciation or not?
For business purposes take ITC and also get depreciation for gross value
As per the provisions of section 16(1) of CGST Act, a registered person is eligible to take the credit of tax paid on goods and services supplied to him provided such goods or services are used in the course or furtherence of business.
Further, according to the provisions of section 16(3) ITC cannot be claimed if depreciation is charged on the tax component of the capital goods.

Considering the provisos of the concerned sections,
you can take credit of the gst paid on purchased of laptop(intended to be used for business purposes) and the capitalised value of the laptop shall be net off of gst paid,and depreciation can be chargede thereon.
Yes.... You can claim ITC for the purchase of Laptop which is used in Accounting purpose as Business...

Depreciation applicable only on basic value of the Laptop after claim ITC...
Sir Same thing with me i have purchase Mobile phone Rs.13000/- Including tax 1060/- for personal use. so please advise Depreciation applicable on basic value Rs.11940/- Or total value 13000/-
Mr Amandeep Singh, you won't be able to take credit for the tax paid on the mobile phone purchased for personal use.
Dear Amandeep Singh.,

The Mobile phone used in self purpose then ITC not available. You can book the mobile under fixed asset with total cost of purchase.
You can claim depreciation on 13000.
No mobile phone can't take ITC but depreciation allowed
Why not available ITC on mobile phone if it's used in Business activities...?!
Thank you

But sir depreciation will also not to be claimed as the phone is used for the personl purpose 

For claiming the depreciaton sec 32 stated that the asset should be used for the business purpose..


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