Explain below section:
If the person taking the ITC on capital goods and plant and machinery has claimed depreciation on the tax component of the cost of the said items under the Income-tax Act 1961, the ITC on the said tax component shall not be allowed. Thus, in respect of the tax paid on such items, dual benefit cannot be claimed under Income-tax Act, 1961 and GST laws simultaneously.
Menu
Section 16(3) CGST act,2016
Replies (1)
Whn u claim this as itc in ur gst then it is not ur cost... Then how can u capitalise it in fixed assets... Tell.... It is advisable to take credit in gst... Bcz in gst u got 100% credit for that.... But if u want to claim expenses in pl account only 30% tax savings is there... Hope u will understand now
Recent Topics :
- Invoice made but goods not sent
- How Do CA Firms Manage Client Document Collection
- How do CA firms manage pending client documents du
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
- Residential status for overseas students visitin
- Capital Gains Tax
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
Related Topics :
CAclubindia
