All Respected Sir,
Withprofound request all of you to please tell me how much gst claim on fixed assets
Thanks & Regards
Dharmendra
U can claim input on Capital Goods like machinery etc.
conditions :
1.Depreciation should not have been claimed on such asset.
2.It must not be used exclusively for personal purpose or for exempt supply.
3.If capital good is used partially for personal purpose and partially for business purpose, then proportionate itc will be available.
4.If your turnover is less than 1.5 crore, then you will pay GST on a quarterly basis. ITC will be calculated using the following formula: itc credit to electronic credit ledger/20
*change denominator by 60 if u r paying tax per month.
CAclubindia
