if we purchase capital goods like machinery etc .. can we eligble for take ITC on it ?
8 Replies
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 17 October 2017
Yes.... Why not...?!!! 😊😊😊
Ajay Prajapati
(512 Points)
Replied 17 October 2017
thaks raja sir ... the most active person in this ca club... seriously respected person 🤗
Ajay Prajapati
(512 Points)
Replied 17 October 2017
can you help me another query
1-. is GTA gives a invoice gst rate 5% can we eligble for ITC
1-. is GTA gives a invoice gst rate 5% can we eligble for ITC
Patan.zikriya
(Article student)
(32 Points)
Replied 17 October 2017
The Input Tax Credit is also allowed on GST paid on Capital Goods.
No ITC would be allowed if Depreciation has been claimed on the Tax component of the Capital Goods.
No ITC would be allowed if Depreciation has been claimed on the Tax component of the Capital Goods.
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 18 October 2017
Yes...
You can get ITC for GTA related RCM basis Tax paid amount...
You can get ITC for GTA related RCM basis Tax paid amount...
Ajay Prajapati
(512 Points)
Replied 18 October 2017
its not RCM basis ... registered GTA gives invoice and collect 5% tax ... in this situation ITC allow ?
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 18 October 2017
refer this one....
https://cleartax.in/s/goods-transport-agency-under-gst
https://cleartax.in/s/goods-transport-agency-under-gst
ARS BHARATHI
(Executive in gst department)
(274 Points)
Replied 18 October 2017
you can avail itc if the gta provider charges 5% as he is not eligible to take itc for himself but with if he pays at 12% he is eligible for itc
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