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 ?
CAclubindia
