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GST ITC Credit

Vijay Sharma (175 Points)

28 August 2018

If I purchase Assets and charged depreciation can i take GST ITC credit or not?

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (127911 Points)
Replied 28 August 2018

Yes... Of its your business purpose and used in furtherance of business...

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Vijay Sharma (175 Points)
Replied 28 August 2018

a part from business but at business premises also I can take care or not?

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 28 August 2018

If you have claim the depreciation on taxable value , then yes you can take ITC on same

1 Like

yogesh jain (student) (32 Points)
Replied 28 August 2018

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

Shivam RC (Student) (23683 Points)
Replied 29 August 2018

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.