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ITC on capital goods

saud ahmed (Student CA IPC / IPCC) (270 Points)

01 November 2019

can i claim full itc on capital goods in first year of purchases...CG will be used exclusively for business purposes

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4 Replies

Surjeet Negi (947 Points)
Replied 01 November 2019

Yes you can claim ITC on capital good. however , ITC is not available for capital goods used exclusively for making exempted goods. further, denial of itc If depreciation has been claimed on tax component of procured capital good.

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Jyoti Narang (Kkk) (1204 Points)
Replied 01 November 2019

Where to report itc on capital goods in Gst return

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 01 November 2019

@ Mr Saud Ahmed.,

Yes... You can claim full ITC in single take in the same month.

@ Jyoti Narang.,

No more special columns for showing CG in GSTR 3B return.
But,
You can show the details in Annual return.