I have purchased furniture for business use worth rs 100000 on which I have paid 12000 as GST. can I claim both GST input credit and can I claim depreciation on rs 100000 as per income tax act
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GST and depreciation
Replies (15)
NO, YOU CANNOT CLAIM BOTH DEP AND ITC.
OPTION 1. IF U CAPITALISE U CANNOT CLAIM ITC
OPTION 2. IF U TREAT IT AS REVENUE U CAN CLAIM ITC
you can claim depreciation on Rs.1,00,000 and ITC on Rs. 12,000
or
you can claim depreciation on 1,12,000 but in this case you have to leave your ITC of Rs.12,000
or
you can claim depreciation on 1,12,000 but in this case you have to leave your ITC of Rs.12,000
You have 2 options for complying the depreciation provision
first you capitalize total RS.1,12,000 and Claim depreciation over the useful life of the asset
otherwise you can capitalize RS 1,10,000 and Claim 12,000 as gst input. in this case you can charge depreciation only for 1,00,000.
assessee can choose either of the options.
first you capitalize total RS.1,12,000 and Claim depreciation over the useful life of the asset
otherwise you can capitalize RS 1,10,000 and Claim 12,000 as gst input. in this case you can charge depreciation only for 1,00,000.
assessee can choose either of the options.
You have 2 options for complying the depreciation provision
first you capitalize total RS.1,12,000 and Claim depreciation over the useful life of the asset
otherwise you can capitalize RS 1,10,000 and Claim 12,000 as gst input. in this case you can charge depreciation only for 1,00,000.
assessee can choose either of the options.
first you capitalize total RS.1,12,000 and Claim depreciation over the useful life of the asset
otherwise you can capitalize RS 1,10,000 and Claim 12,000 as gst input. in this case you can charge depreciation only for 1,00,000.
assessee can choose either of the options.
You have 2 options for complying the depreciation provision
first you capitalize total RS.1,12,000 and Claim depreciation over the useful life of the asset
otherwise you can capitalize RS 1,10,000 and Claim 12,000 as gst input. in this case you can charge depreciation only for 1,00,000.
assessee can choose either of the options.
first you capitalize total RS.1,12,000 and Claim depreciation over the useful life of the asset
otherwise you can capitalize RS 1,10,000 and Claim 12,000 as gst input. in this case you can charge depreciation only for 1,00,000.
assessee can choose either of the options.
Yes... You can claim as per the following way...
Your Purchase value Rs. 112000 (100000 + 12000). If you will book total value Rs. 112000 in Fixed asset and You can Claim Depreciation for the full value of Rs. 120000. But, You can't claim ITC...
You will book Rs. 100000 under Fixed Asset and Rs. 12000 under GST input. Then You will claim ITC Rs. 12000.
But, You just claim Depreciation Rs. 100000...
thanks all
thanks all
thanks all
thanks all
thanks all
Sir,
Which one is benefit to us
ITC taken on asset Purchase value Rs. 112000 (100000 + GST 12000).
ITC Not taken on asset Purchase value Rs. 112000 (100000 + GST 12000).
Thanks & Regards,
M.Shanmugasundaram
How can we reply Your query without any clarity...?
We have many more depreciate values like 10%, 15%, 40%, 60% and More....
Your falling under...?!!
We have many more depreciate values like 10%, 15%, 40%, 60% and More....
Your falling under...?!!
Dear Sir,
We open new branch office. And Office Interior work is going on.
We will made following expenses for our new office.
Expenses for New Office
1) Office Interior Rs.3,00,000
2) Tables & Chair Rs.50,000
3) Other Furnitures Rs.50000
4) Electrical Exp Rs.75000
5) Air Contioner Rs.80000
6) Computer & Printer Rs.1,50,000
Can we take input credit for all the above items ?
Any GST rules for take input credit for purchase asset materials ?
we can take depreciation for GST Input Tax..?
Avail Input Credit (or) Claim Depreciation - Which one is benefit to us sir?
Thanks & Regards,
M.Shanmugasundaram
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