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    ITC on Capital Goods

    Posted By : CS Shiriti / Published on : 28-Aug-2018 11:33 AM / View : 481 / Comment : 1

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    ITC On capital goods query
    In gold retail shop (proprietorship) they purchased CC camera can we claim full GST once? they also received rent expmeted (agriculture gooden) rule 42 and 43 apply to these case?
    Read more on : goods capital

    • Yes, one should claim GST ITC at once on the basis of Date of Tax Invoice!

      GST Input Tax Credit on Capital Goods is fully allowed at the Time of Purchase through Tax Invoice to be used in Business except when:

      • a) Capital Goods used specifically for non- business purposes or personal use,
      • b) Capital Goods used specifically for exempting supplies.

      Further, when the Capital Goods is sold before the end of Five Years from the Date of Purchase of Capital Goods then ITC claimed on such Capital Goods will be reversed proportionately taking into account the Balance Month left out of Five Years (X/60 Months).

      Read more at https://cbec-gst.gov.in/pdf/itc-rules-17052017.pdf Point No.(8)

      23-09-2018 / 08:01:27 PM
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