Amiit Gupta
(Senior Executive Finance & Tax )
(75 Points)
Replied 22 August 2018
Dear Mr. Sabareesh Ji
1. You can claim ITC in full on capital goods, provided such capital goods pertains only / completely to supply taxable goods of the business.
2. If such capital goods are use for both business & personal use then ITC on the same shall be availed proportionately. (for point no.2 in detail REFER : Section 17(1)+(2)+(3)+(6) + Rule 43)
3. Also, Act provides for "TIME LIMITATION" for availing ITC (section 39). Which applicable for both ITC on CG & ITC on other than CG.
4. According to point no.3, time limitation for claiming ITC is *before filing* any one of the following : (a) GSTR-3 (Section 39) I.e. 20th Oct
(b) Annual Return (GSTR 9) I.e 31st dec.
CONCLUSION:
You can claim full ITC on CG (refer point 1).
ITC on CG also get impacted by nature of business you carry. for this refer section 17(5) : Apportionment of credit and Block credits.