my client want to purchase refrigerator
for shop usage
can he claim ITC
4 Replies
ALAMELU.N.N
(student)
(258 Points)
Replied 22 March 2022
Yes you can claim ITC on asset purchased for business purposes
prasad Nilugal
( GST Practitioner & Accounts )
(14846 Points)
Replied 22 March 2022
You can not claim depreciation on tax components of the cost of an asset , if you claim ITC , please refer section 16(3) of the CGST act 2017.
Divyam Agarwal
(Practicing Chartered Accountant)
(959 Points)
Replied 22 March 2022
Either one can avail the GST ITC on the assets purchased or one can avail the benefit of depreciation on the tax component. Both the things can not be done simultaneously.
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