Itc on capital goods

accountant (member) (185 Points)

28 February 2019  

dealer purchased bolero delivery van for carrying taxable supply, can claim ITC on GST paid over the period of 5 years and will capitalize only basic price and depreciation as well excluding GST.

suppose basic price 466752

GST                        130691

Invoice price             597443

On GST ITC claim would be 130691/60  2178.18 per month

On books of account depreciation would be on 466752 @ 15% 70012.8 for

first yea. am I right ?