ITC for a Machine purchased for oil Mill
jerrins joy (33 Points)
05 October 2020
can i get ITC for the cutting machine purchased in a coconut oil mill
6 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 05 October 2020
Yes, if it's for business purposes than you can take ITC on same...
Shivam RC
(Student)
(23683 Points)
Replied 05 October 2020
Yes you can claim ITC of GST paid on purchase of machinery ( a Capital Goods ) since it is being used in the course or furtherance of business.
As per the Provision of Section 16(1) of the CGST Act 2017, ITC on Inputs, Input Services and Capital Goods "used in the course or furtherance of business" can be claimed ( subject to blocked credit under Section 17(5) of the CGST Act 2017 ).
As per the Provision of Section 16(1) of the CGST Act 2017, ITC on Inputs, Input Services and Capital Goods "used in the course or furtherance of business" can be claimed ( subject to blocked credit under Section 17(5) of the CGST Act 2017 ).
Balamurali Krishnan O K
(in practice)
(28 Points)
Replied 05 October 2020
Can we claim the entire credit in the same month or credit to be within 6 months. PL clarify with notification if any
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 05 October 2020
You can claim entire ITC of Capital Goods in same month in which you purchased that Goods.
Balamurali Krishnan O K
(in practice)
(28 Points)
Replied 06 October 2020
Can you please share the notification, if any
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 06 October 2020
Refer Section 16 of CGST Act, 2017 read with section. 2(59) input and 2(19) Capital Goods definitions.
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