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Input gst on capital goods

CHIRAG (-) (142 Points)

30 December 2018

How to take input gst on capital goods, it will be taken in 60 months, how it wil be treated in gstr 2 and gstr 3b??

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4 Replies

Gourav Garg (6 Points)
Replied 30 December 2018

ITC can be taken in GSTR 3B and the amount stands as (5% in every quarter)

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Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 30 December 2018

ITC can be claim in full in one Go on same month in GSTR 3b

if you are supplying both taxable & Exempted supply the ITC attributes to Exempted supply has to be reverse every month in 3b for 60 months.
Refer rule 43 of CGST Act

pritesh (CA Final student) (7101 Points)
Replied 30 December 2018

ITC has to Been taken fully.

the reverse condition is only applicable when you are dealing with both taxable and excempted goods.....
if you are dealing with both type of goods then u have to reverse ITC Month by month i.e in 60 months