Itc on depreciable captial goods
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2017
RESPECTED EXPERTS,
I WANTS TO KNOW THAT IS TAX CREDIT OF GST ON CAPITAL GOODS WILL BE AVAILABLE IF ON THAT ASSET WE CLAIMS DEPRECIATION UNDER INCOME TAX ACT.
I WANTS TO KNOW THAT IS TAX CREDIT OF GST ON CAPITAL GOODS WILL BE AVAILABLE IF ON THAT ASSET WE CLAIMS DEPRECIATION UNDER INCOME TAX ACT.
23 June 2017
Income tax act & GST are both different Act.
You can claim ITC irrespective of fact that depreciation claimed under Income tax act.
24 June 2017
If you claim ITC on Capital Asset, then on the portion of Tax in Asset you are not eligible for Depreciation, ie when you avail the ITC the asset value will be the Pre Tax value and the dep will only be on the pre tax value.
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 June 2017
THANKS FOR UR GUIDEANCE
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