ITC Claim
sameer (ACCOUNTS MANAGER) (47 Points)
31 May 2017
Prity Agarwal
(CHARTERED ACCOUNTANT)
(363 Points)
Replied 31 May 2017
Yes ITC can be claimed on freezer purchased by a retail store for storing of a product.
On the otherhand, depreciation can also be claimed on the freezer, provided the value of tax paid is not included in the cost of freezer.
It is advisable to claim depreciation on it, because if we claim ITC at the time of purchase then again at the time of sale or disposal of the freezer GST shall be levied.
JAYACHANDRAN
(Marketing Officer)
(22 Points)
Replied 03 June 2017
Prity Agarwal
(CHARTERED ACCOUNTANT)
(363 Points)
Replied 05 June 2017
The items which are used for business purpose and on which GST was paid at the time of purchase, then ITC can be claimed on it.
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