How can I claim itc on capital goods
Shivam Goyal (38 Points)
17 January 2021
whether divide by 60 months or lump sum amount
5 Replies
BE YOURSELF BELIVE YOURSELF
(31 Points)
Replied 18 January 2021
Hello Shivam
We can take ITC of capital goods as lump sum amount . In GST there is no requirement to bifurcate the ITC over the periods.
Provided ITC is allowed as per section 16 and should not be blocked u/s 17(5).
you can read the above sections for more details
We can take ITC of capital goods as lump sum amount . In GST there is no requirement to bifurcate the ITC over the periods.
Provided ITC is allowed as per section 16 and should not be blocked u/s 17(5).
you can read the above sections for more details
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 18 January 2021
The procedure for reversal of ITC is provided under Rule 42/43 . Go through it first .
S P
(102 Points)
Replied 19 January 2021
For reversal, one should go as per Rule 42/43 means divide by 60 months.
But for availement , can take lumpsum
But for availement , can take lumpsum
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