Claim for Refund of Input Credit under GST

Page no : 3

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 13 February 2024

Originally posted by : CA Rashmi Gandhi
	Input claimed as per Rule 43 and therefore he has to made calculation for 5 yearsa accordingly

Yes, I agreed.

Then Why this reply can't be given earlier...

Note :

If the querist deal only "TOURS & TRAVELLS" then the ITC is ineligible and it will be reversible.

But, Querist also deal another business which taxable. As per the taxable supply he can claim the ITC if the TRUCK used in the furtherance of business.

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 13 February 2024

Originally posted by : Saravanan nagaraj
	The truck is a capital goods which used for business purpose as per CGST it says you can use ITC when it is used for business purpose. But, CGST act u/s 43 rules on capital goods ITC will not be claim. If you are claim depreciation. An assesse can't avail this both benefits. If an assesse claim ITC in GST and Taxable portion can be claimed depreciation but it was restricted by income tax too.

The truck is a capital goods which used for business purpose as per CGST it says you can use ITC when it is used for business purpose.

-- Yes, If it's used for business purpose

But, CGST act u/s 43 rules on capital goods ITC will not be claim. If you are claim depreciation.

--> This is not a good one. Bcoz, How it's possible to claim both benefits? As per accounting policy the ITC just account in only one head. It's can't be account in both of ITC & Capital head.

An assesse can't avail this both benefits. If an assesse claim ITC in GST and Taxable portion can be claimed depreciation but it was restricted by income tax too.

--> Yes Sir...

Krunal Parekh (Proprietor) (147 Points)
Replied 13 February 2024

Originally posted by : Saravanan nagaraj
	Either you can claim ITC or depreciation. You can't enjoy both benefit. Capital goods ITC can be utilised partially every year. Now days, It is completely restricted and monitor by GST official. Demand notice will be issued by GST state government, until rectify this. Your GST portal login and E-way bill login will be blocked. Please reverse it. Don't take risk. It gives you lot of stress and lose money in the name of penalty and interest at 2%.

Ok sir noted. And sincerely appreciate your immediate reciprocation.