Itc on capital goods

purchase fixed asseets of rs 200000
in month of march 2021.
this amonut inlcude cgst 9000and sgst 9000
what can i do when do not take itc on it .
and use as fixedassets and want to take dep.
what amont show in balance sheet .
and on which amont i take dep.
and in 3B what amont shiw in ITC
Replies (2)
Quick Summary
If you purchase capital goods and decide not to claim the Input Tax Credit (ITC) on the GST portion, you should capitalise the full purchase price, including GST, as a fixed asset on your balance sheet. Depreciation can then be claimed on this entire amount. When not claiming ITC, there's no need to show it in your GSTR-3B, and no specific disclosure is required for the GST amount in GSTR-2.

If you do not wish to take ITC, the  capitalize the entire Rs.2lacs in the balance sheet as fixed asset (which includes the GST portion).

Claim depreciation on Rs. 2 lacs.

No disclosure is required to be done in GSTR-3B as you are not claiming ITC 

Then what treatment of itc shown in gstr 2

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 07 September 2026
CA Articles

Kothari Jain Patil & Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 17 August 2026
Article Assistant

K R Kiran Kumar & Associates

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 17 August 2026
Article Assistant

Jain Ankit and Co

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Articles

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Foundation

View Details
Company
ARTICLESHIP 17 August 2026
CA Article Trainee

ASC Group

Noida

CA Inter

View Details
Company
12 August 2026
Deputy Manager - Finance

RoamPrime Technologies Private Limited

Bengaluru

CA

View Details
Company
19 August 2026
Chartered Accountant - Financial Consolidation & Reporting

Synergy Keystone

Mumbai

CA

View Details