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ITC on Capital Goods

op (N.A) (42 Points)

27 May 2019

can I claim 100% ITC on Furniture and Fixtures use for business.

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 27 May 2019

Yes.... Why not...?!

You can claim 100% ITC for the purchase of Capital goods which is used in Your business...

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pritesh (CA Final student) (7101 Points)
Replied 27 May 2019

YES you can claim

Mayank Garg (15 Points)
Replied 28 May 2019

you can claim but that can not be claimed for refund.

prasad Nilugal ( GST Practitioner & Accounts ) (14692 Points)
Replied 28 May 2019

As per section 16 sub section 3 of the CGST act if you claim depreciation on the tax component of the cost of capital goods (furniture & fixture ) under the provision of the Income tax act 1961 , the input tax credit on the said component shall be allowed .

prasad Nilugal (3914 Points)
Replied 29 May 2019

with reference. to my answer above please read the input tax credit on the said component shall not be. allowed instead of wrongly. typed shall be allowed .