Hi,
Am buying an machine with IGST. In previous tax regime, I was allowed to take Depreciation on the machine. Am not clear on if I could could do the same if I claim ITC under GST. Please clarify.
Thanks in adv,
Rajesh
Hi Rajesh,
In my understanding, you are classifying the machinery as Fixed Asset and will claim ITC only on the IGST portion that you have paid, subject to satisfaction of other conditions. You can always claim depreciation on the actual cost of the machine, excluding IGST.
Hope this clarifies.
CAclubindia
