Menu
ITC Claim on Purchase
We have purchase a Oil Storage tanks worth Rs.6 lacs and input amount 92k . is it a capital expenditure and if not, can we calim entire input in the current month.
Replies (7)
Yes , you can take full itc
if we take full itc then, does depreciation becomes ineligible for that asset?
see section 16 sub section 3 for more information..
Yes you can claim Full ITC if the Oil Storage Tanks are used in the course or furtherance of business by virtue of Section 16(1) of the CGST Act 2017.
and the depreciation will not be available only for the gst portion.......
yes you can claim itc
Refer Section 16(3) of the CGST Act 2017 for Depreciation clarification...
Recent Threads
- Form 26QB Multiple Buyer/Multiple seller
- Company Formation for clothing business
- TDS on purchase 194Q
- Compensation for urban land acquisition
- Understanding section 269st
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
- Taxation for sale and purchase of REIT shares
- PAN - AADHAR LINK
Related Threads
CAclubindia
