Itc available on purchase of fixed asset or capital goods
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 August 2017
RESPECTED SIR/MADAM,
SUPPOSE A MANUFACTURING CO. PURCHASE A COMPUTER, GIVING GST @ 18% ALREADY. CAN THEY AVAIL FULL ITC ON PARTICULAR PERIOD.
IF NOT, THEN WHAT WILL BE THE PROCESS & HOW IT WILL CALCULATE..??
SUPPOSE A MANUFACTURING CO. PURCHASE A COMPUTER, GIVING GST @ 18% ALREADY. CAN THEY AVAIL FULL ITC ON PARTICULAR PERIOD.
IF NOT, THEN WHAT WILL BE THE PROCESS & HOW IT WILL CALCULATE..??
02 August 2017
In terms of section 2(54), 2(55) & 2(20) of the MGL respectively. It may be noted that credit of tax paid on capital goods also is permitted to be availed in one instalment.
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