while reversing the credit of CAPITAL good u/s18(4) total life to be taken as 5 years
if asset was acquired on 9 August 2017 period of 5 years will be calculate from august month or it will be excluded??
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SEC 18(4) itc reversal
Replies (4)
total 20 quarters will be there and per quarter 5% will be deducted, if you sale asset today then 3 quarters will be there till today so 85% itc is to be reverses
It is from the date of invoice. It will be allocated to 60 months starting from Aug.
August September one quarter is calculated.... So 3 quarters in 2017-18....in GST quarters period is defined
good clarification and information
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