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Claim ITC on capital goods

Soumya S Gaonkar (30 Points)

07 February 2020

A purchase a printer, he can claim ITC on that goods or not? it's used for office use, Plz suggest me.

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 07 February 2020

Yes... ITC can be avail if Your supplies are Taxable...

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BALRAM thakur (4 Points)
Replied 07 February 2020

My invoice date is 25april 2018 and shipping bill date is 4 may 2018 in which month i need to claim itc refund?

S.Mohammed Ashfaq Zaid (2 Points)
Replied 08 February 2020

Your invoice date

Shivam RC (Student) (23683 Points)
Replied 08 February 2020

As per the Provision of Section 16(1) of the CGST Act 2017, INPUT TAX CREDIT ( ITC ) can be claimed on all goods or services used in the course or furtherance of business.

Just ensure that all the FOUR CONDITIONS as laid down u/s 16(2) of the CGST Act 2017 is satisfied.

FOUR CONDITIONS :

(1). Possession of a Tax Invoice.
(2). Received the Goods.
(3). Supplier must have paid the Taxes to the Government.
(4). Filed all the Returns.

Also note that if you do not pay the consideration to your Supplier within 180 days from the date of invoice, then you have to Reverse your ITC claimed along with Interest @ 18% and have to add it with your OUTPUT TAX LIABILITY.