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GST-ITC CLAIM ON FIXED ASSET OR DEPRECIATION

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(Querist)
06 June 2022 One can claim GST ITC on Fixed asset purchase or make provision for Depreciation on fixed asset in P & L Account ?.B
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
06 June 2022 Advisable to make provision for Depreciation, unless useful life is very short.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
06 June 2022 Better go for depreciation .
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CA Altamush Zafar

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CA Altamush Zafar (Expert)
08 June 2022 If you can take ITC and utilse it then always better to take ITC since you will get benefit for the whole amount.
Instead in depreciation you will get a benefit of 30% if that it income tax rate.

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