Our Plant is under construction from last year April 2017 to till date, we are purchasing machinery for our new plant & ITC availed on Plant & Machinery & ITC Shown in GSTR3B.
My question is can we utilized the ITC on Plant & machinery in future, when we start production, there is any time limit for utilization of input tax credit
31 October 2018
When you purchase anything, you are required to pay GST on it. Later, you can claim input tax credit on the GST paid on your purchases. SImilarly, when you are purchasing any machinery for your factory, you will pay the applicable GST rate. This GST paid can be claimed as credit in the same way as inputs.
However, if you claim depreciation on the GST paid while purchasing the capital asset, you cannot claim input tax credit.
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