i will start production activity in factory for which i purchased a machinery worth 1300000 gst 234000 paid on said purchases
(machinery will process raw material and produce finish goods)
what are provisions under gst for claiming of input tax on said capital goods?
3 Replies
Vinod Babu
(24191 Points)
Replied 05 June 2018
You can claim itc if it used for furtherance of business and there should not be exempted outward supplies.
Ram Agrahari
(250 Points)
Replied 06 June 2018
Agreed with Vonod...You can claim the whole credit of Rs. 234000 you will not be eligibel to claim depreciation under Income tax Act on the said amount of GST
Rajkiran Ghosh
(480 Points)
Replied 09 June 2018
sir if i purchase machinery and i wish to use this machine to produce taxable supply goods...In that case will i get full input tax credit in the same month of the purchase of machine????sir plz reply me.
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