Example
I purchased raw material for producing finished goods. But this raw material I used in forming a fixed asset for our business.
Then can I claim this input while filling a GST return or not.
4 Replies
Shweta Gupta
(Assistant Manager)
(224 Points)
Replied 26 July 2019
yes you can avail input on capital asset either you are purchasing from outside or constructed inside it doesn't impact on ITC
Shivam RC
(Student)
(23683 Points)
Replied 26 July 2019
Yes you can claim ITC on Fixed Asset/Capital Asset provided that you satisfy all the Four conditions laid down u/s 16(2) of the CGST Act 2017.
1). Possession of a Tax Invoice.
2). You have received the Goods or Services.
3). The Supplier must have paid the Taxes to the Government and;
4). The Recipient must have filed the Return.
1). Possession of a Tax Invoice.
2). You have received the Goods or Services.
3). The Supplier must have paid the Taxes to the Government and;
4). The Recipient must have filed the Return.
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