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ITC on capital Goods

AJAY KUMAR (accountant) (213 Points)

26 October 2019

sir,
I have purchased a air conditioner for company basis and take depreciation on air conditioner can I take ITC on air conditioner. can I take both deprication and ITC on air conditioner

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8 Replies

Hardik (Professional) (918 Points)
Replied 26 October 2019

1) You can take ITC of tax paid on air conditioner but make sure that you haven't capitalised the tax component while filing your income-tax Returns.

2) Yes, you can also claim depreciation on wdv (again, make sure that gst paid is not capitalised)..

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AJAY KUMAR (accountant) (213 Points)
Replied 26 October 2019

Only basic amt capitalised ok sir

sadanand (student) (38 Points)
Replied 26 October 2019

I think, you can claim either itc or depreciation.

awaiting for experts opinion

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 27 October 2019

1.Option
Can claim depreciation on Taxable Amount which is before GST & can avail ITC on GST Amount

2 Option :
Claim depreciation on Gross amount(including GST ) , then ITC is not available.

subhagan sreerangam (7054 Points)
Replied 27 October 2019

You can claim the depression.on Taxable amount before GST and also avail ITC Credit on GST amount.Otherwise claim depression on Gross Value,then ITC Credit is not available.