Dear experts,
My client has registered as comp. dealer on 29/11/2019 and opt out of composition on 27/12/2019 and became regular dealer. Query is he purchased a mechinery on 27/11/2019, whether he is eligible for take input tax as per sec 18(1) c.
Thanks in advance
Yes he is eligible for ITC on capital Goods, Only if he didn't claim any Depreciation on Gst.
If you already availed for 1 Month you can definitely claim on rest of the months assuming useful llife is 60 Months.
As you can avail ITC on C.G 5% P.Q to max. of 5 years.
CAclubindia
