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GST input on fixed assets

Sajid Khan (66 Points)

13 August 2019

Can we claim GST input on Assets

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4 Replies

Prateek jaju (In Practice) (38 Points)
Replied 13 August 2019

Yes. You can claim ITC on fisxed as well on complying with section 16 of CGST Act. Further, you wont be able to claim credit on supplies mentioned in section 17(5) of CGST Act.

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prasad Nilugal (3914 Points)
Replied 14 August 2019

Asset should. be use only for furthance of business .

Sajid Khan (66 Points)
Replied 14 August 2019

Furniture and air conditioner are used for staff welfare so we can't claim of such assets?

prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 14 August 2019

Dear Mr khan , Assets of the company you can claim , however as per section section 16(3) of the CGST act , Where registered person has claimed deprecation on the Tax component of the cost of capital goods and plant & machinery under the provisions of the Income tax act 1961 , the Input tax credit on the said tax component shall not be allowed .

so please check while calculating Deprecation of Asset