Menu
GST ITC Credit
If I purchase Assets and charged depreciation can i take GST ITC credit or not?
Replies (5)
Yes... Of its your business purpose and used in furtherance of business...
a part from business but at business premises also I can take care or not?
If you have claim the depreciation on taxable value , then yes you can take ITC on same
If u have purchased assets and taken gst credit.. Then depreciation will be allowed only on asset value - gst =taxable value.. Inshort.. U can't charge depreciation on amount of gst credit taken
Agree with Yogesh Sir...
If Depreciation is claimed on the Asset including the Tax component, then ITC cannot be claimed.
According to SECTION 16(4) of CGST ACT 2017, Either Depreciation can be claimed on tax component or ITC can be taken but not both.
If Depreciation is claimed on the Asset including the Tax component, then ITC cannot be claimed.
According to SECTION 16(4) of CGST ACT 2017, Either Depreciation can be claimed on tax component or ITC can be taken but not both.
Recent Threads
- TDS on purchase 194Q
- Compensation for urban land acquisition
- Understanding section 269st
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
- Taxation for sale and purchase of REIT shares
- PAN - AADHAR LINK
- RECONCILIATION OF GSTR 2B Vs BOOKS WITH VBA
- Regarding cancellation of GST Number
Related Threads
CAclubindia
