Credit on capital goods under itc
Tanvi pandit (28 Points)
28 September 2020Tanvi pandit (28 Points)
28 September 2020
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 28 September 2020
Have you Claim Depreciation on Machine ?.
Kuldeep Malik
(137 Points)
Replied 28 September 2020
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 29 September 2020
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 30 September 2020
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 30 September 2020
can you explain me how you got 3600/- & 8400/- .....................
Tanvi pandit
(28 Points)
Replied 09 October 2020
Pallavi P
(Job)
(151 Points)
Replied 09 October 2020
Tax to be reversed is Higher of -
= ITC Taken - 5 % per quarter from date of purchase or Tax on Transaction value
= 12000 - 5% x 6 Quarters x 12000 =65000 x 12%
=12000-3600
=8400 = 7800
Hence ITC to be reversed is Rs.8400