Originally posted by : Saravanan nagaraj |
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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. |
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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...