Depreciation and GST both claim on Fixed Assets

ABHI (ACCOUNTANT) (61 Points)

01 June 2018

I had purchased a Mobile Phone. Can I get the depreciation on it even take ITC on that????

Reply
Follow
Share

5 Replies

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 01 June 2018

Yes on taxable value (before tax) you can have depreciation, .. & ITC can also claim

Note : Mobile should be use as business purposes

1 Like

ABHI (ACCOUNTANT) (61 Points)
Replied 01 June 2018

Ok. thanks

Vaishnavi Ganesh (Chartered Accountant) (861 Points)
Replied 01 June 2018

Option 1:

Claim Depreciation on price+GST portion ; but on ITC on GST paid.

Option 2:

Claim Depreciation on price of asset (excluding GST), and ITC on GST paid.

Hence, cannot claim both ITC and deprecation on GST part of the invoice.

Vinod Babu (24191 Points)
Replied 01 June 2018

Yes if mobile used for business purpose, you can claim ITC on it.

Anil Kumar Vagga (72 Points)
Replied 31 December 2018

for this any notification if we have please share with us

Start a New Discussion