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Can I take ITC on JCB and cranes by treating them as equipments.
I am confused whether anyone will object that JCB's and Cranes shall be treated as Motar vehicles. Can I say that they shall be treated as equipment and there is output GST from its usage, so I will be eligible to claim input tax credit on purchase of those JCB's and Cranes.
Replies (1)
yes can claim ITC on capital goods. points to be considered
1. ITC to be claimed on pro-rata basis of life span of the capital goods
2. ITC availed should not be claimed for depreciation under income tax amount to be capitalized is excluding GST
1. ITC to be claimed on pro-rata basis of life span of the capital goods
2. ITC availed should not be claimed for depreciation under income tax amount to be capitalized is excluding GST
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