Sir, can a manpower supply agency eligible for claim ITC on purchase of machinery
3 Replies
raju kss
(Asst. Manager-Finance)
(6 Points)
Replied 12 March 2022
If the machinery is capitalized, input credit can be claimed . However depreciation cannot be claimed for the GST amount utilized as input credit. If such machinery is not capitalized the input credit can be used as similar other inputs.
I have explained to levels of my knowledge any clarification or suggestions are accepted.
satish kumar Chauhan
(accountant)
(347 Points)
Replied 12 March 2022
Yes, if machine is realted to your business
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 12 March 2022
Yes, you can take ITC against the Machinery provided the machinery capitalised in books of accounts.
GST component should not be capitalsied to claim the ITC.
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